ACDA Expands Access and Increases Funding for Low-Interest Façade Loan Program
The Anchorage Community Development Authority (ACDA) has expanded the Great Streets Façade Loan Program to Midtown Anchorage’s business district and has increased funding up to $100,000 to incentivize investment in Anchorage’s business districts.
“ACDA recognizes that healthy business districts play an important role in the vitality of Anchorage,” said Mike Robbins, Executive Director of ACDA.
“Ensuring Anchorage has a vibrant downtown, main corridor, and business district to the City’s long-term growth and prosperity for area residents and businesses alike,” said Robbins.
To help offset the rising cost of materials and doing business, commercial property owners and business owners can apply for up to $100,000 in a low-interest loan to rehabilitate a building’s façade or add a mural. ACDA provides up to 2.5 hours of design time by a professional designer.
Great Streets Façade Loan Program
ACDA, with the support of the University of Alaska Anchorage’s Alaska Small Business Development Center and Northrim Bank, launched the Great Streets Facade Improvement Loan Program in July 2023 to revitalize business districts in Muldoon, Downtown, and now Midtown by providing low-interest loans to improve the appearance of building facades and stimulate private investment.
A business owner can borrow up to $100,000 per unit at 5% interest and has up to 60 months (or five years) of low monthly payments. Business and building owners can combine funding to perform intended facade improvements. Program participants will receive 75% of their loan upfront, and the remaining 25% of the loan amount when the project is complete. Applicants submit their applications online at: https://www.acda.net/facade-program.