Downtown Milford Inc. Revolving Loan Fund

If you are an entrepreneur and interested in opening up a business in our downtown area or would like to expand your existing business, DMI would like to lend a helping hand.

DMI received a grant from the United States Department of Agriculture to help businesses in the downtown project area get established or enhance current operations.

Program outline:

  • Current  total amount available: $19,000

  • Loan size: flexible, but generally in $3,000 to $5,000 range

  • Interest rate: substantially below market rate.

  • Tenor: up to 5 years

  • Repayment: monthly. No prepayment penalty. If business ceases/moves, outstanding balance must be immediately repaid fully unless otherwise agreed to.

  • Eligibility: business in downtown Milford project area

  • Process:

    • Completed loan application (available at DMI office) is reviewed by revolving loan committee which includes professional bankers.

    • Financial information provided is kept confidential.

    • Decision timeframe: generally, 3 – 6 weeks depending on complexity.