The Bentonville/Bella Vista Chamber of Commerce has announced the North Walton Loan Consortium program for development and redevelopment of North Walton Boulevard in Bentonville. In association with its partner financial institutions, the program has been established to assist the private sector in realizing and accelerating enhancements or rehabilitation of current facilities as well as the construction of new projects. The program provides financing at lower interest rates to qualifying individuals and entities with viable proposals for the enhancement of the corridor. The corridor encompasses the property that abuts or falls within the block to the east or west of North Walton Boulevard between Ridgefield and West Central Avenue.
The Loan Consortium is made up of the following eight partners: Arvest Bank, Bank of Gravett, Centennial Bank, First Security Bank, Grand Savings Bank, Iberia Bank, INTRUST Bank and Simmons Bank. Each participating member has committed $2 million dollars to the program for a total pool of $16 million dollars. The Loan Consortium will run through December 31, 2017, or until such time as available funds have been committed.
Loans approved by the Loan Consortium will generally have a term of seven (7) years or less and be for a minimum amount of $50,000. The maximum interest rate to be charged for a loan issued by the Consortium will be Wall Street Journal Prime adjusted daily or a fixed rate equal to a 2.00% spread above the corresponding Federal Home Loan Bank Secured Connect amortized balloon advance rate. The fixed rate term will be fixed for five (5) years, with any amortization period exceeding five (5) years subject to a floating rate as determined by the Loan Consortium.
“We are very pleased to partner with these eight financial institutions to positively impact North Walton Boulevard, the northern gateway into Bentonville“, said Dana Davis, CEO & President of the Bentonville/Bella Vista Chamber of Commerce. “Each partner was eager to participate and support the development of this important corridor.”
The initial step in the process is to file a “Notice of Intent to Apply” with the Bentonville/Bella Vista Chamber of Commerce, download here. If the Chamber determines that the project will lead to a significant improvement of an existing structure in the development area or will result in new construction (or a combination of both new and existing) that will significantly enhance the development area, the applicant will be invited to submit a formal Loan Application to the Loan Consortium.
“Once we prove the success of the program, it would be our hope to replicate it in other areas of the communities we represent that need similar assistance”, said Davis.