Three banks have joined forces to create a $30 million loan program to fund renovations and new construction in downtown Springdale, in addition to the establishment of new businesses and services that fit within the guidelines of the city’s Downtown Master Plan.
Arvest Bank of Fayetteville, United Bank of Springdale and First Security Bank of Searcy will work with the Downtown Springdale Alliance to make the loans available to small businesses, investors and entrepreneurs, according to a press release from the DSA, a nonprofit focused on breathing new life into the city’s downtown area.
“Downtown Springdale is starting to experience visible revitalization as a result of significant strategic private and public investment,” Kelly Syer, executive director of the Downtown Springdale Alliance, said in the release. “The city’s Downtown Master Plan has helped to provide a phased approach for bringing the right kind of development to the area, and the outcome is now a groundswell of interest in identifying opportunities for corporate, retail, housing, green space and infrastructure projects that will contribute to building a dynamic quality of life for residents, workers and visitors.”
Potential projects must be located in the master plan footprint by street and quadrant. The projects must meet the neighborhood’s form-based code and must first be approved by the city’s Planning Commission.
The plan, adopted by the city council in December 2015, can be viewed on the Downtown Springdale Alliance website.
“The Downtown Springdale Alliance is proudly committed to encouraging and supporting exciting development projects, while also focusing on promoting a wide array of community events and experiences that continuously engage people with the wonderful existing downtown amenities,” Syer said.
Qualified projects are subject to credit approval and qualified loans are at the sole discretion of each individual bank, according to the Downtown Springdale Alliance.
Chris Thornton, loan manager at Arvest Bank, said the financial intuitions involved in the loan program have strong ties to the city.
“These three banks have the longest history and support of Springdale. All three have a presence and physical location in the footprint of downtown. We all believe in downtown and want to help businesses and investors with financing,” Thornton said, according to the press release.
More information is available by contacting Syer via email or at 479-236-4256.