July 12, 2007
It's always easy to talk about being "community-minded" or "giving back to the community." It's usually much harder to actually produce.
But First National Bank has found a way to put their money where their mouth is in their new "Main Street Improvement Loan Program." The bank has earmarked $500,000 for low interest loans for the specific purpose of improving downtown Prescott and riverfront properties. Downtown Main Street businesses could be eligible to borrow up to $50,000 at a fixed rate equivalent to the Prime rate less two percent. As of today, the loan rate would be 6.25 percent.
The First National Bank program is modeled after a similar effort in River Falls and takes up where the City of Prescott's Tax Increment District grants to downtown properties left off. That effort helped clean up several building. But there is more to be done as anyone traveling down Broad Street or riding in a boat down the Mississippi looking at the back side of downtown Prescott can confirm.
Local contractors, builders, painters and others might also be beneficiaries of these funds. The ripple effect could potentially spread well beyond the immediate $500,000 as the funds employ people who then hopefully spend the money with local businesses. Moreover the morale effect of a good facelift or two might be immeasurable for all of Prescott as it looks to attract new investment and businesses to the area.
Especially as the city celebrates its Sesquicentennial this would be a good time to clean up Prescott's image. We urge property owners and even tenants to take advantage of this opportunity for below market-rate fixup funds for signage, awnings or other uses. It is a true community-minded gesture by First National and an example of putting their money where their mouth is.
First National has been a financial leader in Pierce County for over 100 years. Bank officials continue to be personally active in community development efforts. We applaud this commitment on their part.
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