• This assistance to owners is in the form of a 0% interest, 5-year forgivable loan which must be matched with other funds to complete the project. The match of funds must be 36% of the total cost of improvements
  
  
• SCDP forgivable funds will only pay for 64% of the total cost of improvements. Maximum $30,800.00 forgivable. If after 5 years the property is still owned by the borrower, the forgivable loan is completely forgiven. One fifth of the forgivable loan amount is deducted each year. The SCDP forgivable loan is repaid to Lake County if the property is sold, title is transferred or conveyed within 5 years of the loan closing
• 20% of the SCDP funding may be eligible to receive a SCDP 3% interest installment loan as match paid to Lake County over a 10-year term. Maximum $7,700.00
• The maximum available through the SCDP is $38,500.00 per property (80% forgivable & 20% installment loan)
• You may be eligible to receive a 3% loan through the City of Two Harbors - Store Front Loan with Lake Bank
• You may be able to receive funding through the Two Harbors Development Fund
• You may be able to receive a $2,200.00 grant funded by the Lake County HRA
• You may be able to receive a Business Energy Retrofit grant (1/3 up to $20k) and/or a Downtown Building Rehabilitation grant (1/3 up to $50k) funded by the Department of Iron Range Resources and Rehabilitation

To Qualify:

• Building must be in the County of Lake/City of Two Harbors target area and zoned as commercial property. (see attached map)
• You must be an owner/occupant or owner with a rental occupant of a building used for commercial purposes, either free of debt, through a mortgage, or recorded Contract for Deed. *If you are buying the property on a Contract for Deed, the holder of the contract must sign off on the loan as well.
• You must be able to meet the requirement for matching funds (40% of total project costs).
• The building must have an active and bona fide business.
• The business must have an active DUNS number for the property

The following improvements qualify under the SCDP: repairs that make the property more livable, energy efficient, safe and accessible for handicapped occupants. These may include replacing or repairing:

• Defective plumbing, heating or electrical systems
• Roofing, windows, doors, and wall repairs
• Ramps, bathrooms and other ADA accessibility conversions

• This assistance is in the form of a 0% interest, 5 year deferred loan which must be matched with other funds to complete the project. The match of funds must be 40% of the total cost of improvements
• SCDP forgivable loans will only pay for 60% of the total costs of improvements. Maximum $29,250.00 forgivable.
• 20% if of a project may be eligible to receive a SCDP 3% interest loan as match paid to Lake County. Maximum $9,750.00.
• You may be eligible to receive a 3% loan the City of Silver Bay for your project.
• The maximum available through the SCDP is $39,000 per property.
• The SCDP deferred and installment loan is repaid to Lake county if the property is sold, title is transferred or conveyed within 5 years of the loan closing. One fifth of the original loan is forgiven each year. If after 5 years the property is still owned by the borrower, the deferred forgivable loan is competely forgiven.

To Qualify:

• Building must be in the County of Lake/City of Silver Bay target area and zoned as commercial. See map below.
• You must be an owner/occupant or owner with a rental occupant of a building used for commercial purposes, either free of debt, through a mortgage, or recorded contract for deed. *If you are buying the property on a contract for deed, the owner of the property must sign off on the loan as well.
• You must be able to meet the requirement for matching funds (40% of total project costs).
• The building must have an active and bona fide business. Owner must have a DUNS number for owner of the property.