Loan Programs for Historic Theaters
The First Fund Program, provides financial assistance to organizations that serve low and moderate income households or provide economic benefit in low and moderate income communities, like downtown’s
The Second Fund Program, is a more flexible fund in terms of project criteria, that provides funding for a variety of preservation projects. These may include establishing or expanding local and statewide preservation revolving funds, acquiring and/or rehabilitation of historic buildings, sites, structures and districts, and preserving National Historical Landmarks, that include Historic Theaters!
Eligible applicants are tax-exempt nonprofit organizations; local, state, or regional governments; and for-profit organizations. Eligible properties are local, state, or nationally designated historic resources, like downtown historical theaters; contributing resources in a certified local, state or national historic district; resources eligible for listing on a local, state, or national register; or locally recognized historic resources.
Eligible uses of loan funds include acquisition, construction, bridge, predevelopment, mini-permanent financing, and capitalizing revolving funds. Lines of Credit are available for acquisition and construction. Loan Terms, are lines of credit with varied terms available. The loan amount is based on the type of project and use of funds, with a maximum loan amount of $350,000; loan terms range from one to seven years. Collateral is required for all loans. Closing fees are charged.
When you become a Performing Art Centers Of Indiana client, we shall perform an in-depth analysis of your theater organization, to determine your eligibility for one of these loan programs and provide your organization with the necessary consulting services, for the desired expenditures of your funding capital. Log onto www.onstagein.com , to learn more about these two exciting loan programs that can help bridge your capital resources, on your theater rehabilitation project!