Windsor Heights' Loan Program

About the Program

Bankers Trust has set aside $2,000,000 to promote business development and inner city growth within the City of Windsor Heights. The program is restricted to the business districts on University Ave. from 63rd St. west to 73th St. and between 63rd St. and 73rd St. on Hickman Rd. in Windsor Heights. The Bank’s regular underwriting will be followed to minimize the risk. To obtain the discounted rate, the business must move their primary relationship (including checking, savings, and the opportunity to present 100 Great Reasons) to Bankers Trust. A committee would be formed to determine eligibility, and as good faith effort, a city council person would be allowed to have a voice on which businesses would be preferred in the area.

The goals of this program are to simulate growth and improvement, and to attract new businesses to the City of Windsor Heights.

Loan Purpose Requirements

  • Must be private, for-profit business within the proposed Main Street Area (Businesses to be located from 63rd St. to 73rd St. on University Ave. and between 63rd St. and 73rd St. on Hickman Rd.)
  • Could be existing business expanding or remodeling
  • Could be existing business relocating to area
  • Could be new start-up business in area

Loan Eligibility Criteria

  • Completed application form
  • Must be in specified area
  • Nature of business
  • Proposed use of funds
  • Net increase in space occupied
  • Job creation (present and future)
  • Renovation of existing spaces that have been vacant at least six months

Procedures

Upon receipt of application, the committee will determine eligibility within two business weeks. Applicants may be required to make a formal presentation to this committee.

Committee

A committee of 3-5 Bank employees along with one member of the Windsor Heights’ City Council. A majority would be required for approval.

Loan Terms

  • Floating at two percent under prime, with a floor of 3.00 percent
  • Three year guaranteed rate, after three years the rate would float with prime
  • Repayment based on use of funds
  • Collateral will be determined by BTC

Loan Approval

Once eligibility is determined, normal BTC loan application and underwriting procedures will be followed.

Documentation Needed

  • Personal/Corporate tax returns
  • Source and use of funds
  • Borrower’s business experience and history
  • Business Plan with cash flow projections (for start-up businesses)
  • Collateral for loan

Loan Proceeds

Loan may be used for:

  • Purchase of real estate for business
  • Purchase of empty building for business
  • Remodeling of currently occupied building
  • Remodeling of currently unoccupied building
  • Purchase of equipment and or fixtures to enhance building and appeal
  • Working capital to support expansion
  • Purchase existing business
  • New construction projects