The Clearwater Economic Development Association has launched a new lending initiative designed to help small businesses and nonprofits fund property improvements across five Idaho counties.
The Revitalization Investment for Small Enterprises (RISE) program provides microloans ranging from $2,000 to $20,000. The funds are intended for exterior and interior upgrades that enhance commercial properties in Clearwater, Latah, Lewis, Idaho, and Nez Perce counties.
Eligible applicants must own or lease the property they wish to improve. Approved projects include a wide range of renovations such as new signage, windows, doors, paint, siding, masonry work, lighting, landscaping, and interior storefront updates. The program also covers security upgrades and professional design services.
CEDA structured the loan terms to reduce financial barriers for borrowers. Interest rates are set two percentage points below the Wall Street Journal Prime Rate. Repayment periods range from two to five years. There is a $150 closing fee, but no collateral is required, and borrowers face no prepayment penalties.
Borrowers are generally expected to contribute 50% of the loan amount or approximately one-third of the total project cost. CEDA staff may adjust these contribution requirements based on specific project circumstances, and in-kind contributions can be considered toward the borrower’s share.
Randy Lybyer is the contact for program inquiries. Interested parties can reach him at 208-746-0015 or via email at rlybyer@clearwater-eda.org. Application materials are available on the organization’s website.