The Gate City Bank branch in Fergus Falls has announced the relaunch of its Neighborhood Impact Program aimed at helping homeowners in the area with renovations or repairs to their homes.
The program, which has been in existence since 2003, will be offering a total of $1 million this year and will be partnering with the city of Fergus Falls to help revitalize mature neighborhoods in the area.
Loan amounts can range from $10,000 to $100,000 and are available to homeowners within the city limits of Fergus Falls with a property valuation of $250,000 or less.
The program is a first-come, first-serve initiative that covers a wide range of projects, from patio additions to safety repairs such as furnace replacements and accessibility adjustments.
According Brett Delage, Assistant Vice President and Retail Manager of Gate City Bank, the funds can also be used for structural corrections, energy improvements, and general property upgrades.
Gate City Bank will then take applicants through the rest of the application and approval process.
Other Gate City Bank branches in multiple other communities across North Dakota and Minnesota are also taking part in this innovative initiative, with the bank contributing a total of $15 million in 2023 for the regional area.
Applications for the Neighborhood Impact Program opened on March 15 and will run through October 31.
The program is aimed at helping local homeowners make repairs and improvements to their homes with a low-interest rate.
Interested homeowners are encouraged to contact Jill Hanson with the city of Fergus Falls to start the application process.
For more information, interested individuals can call 701-293-2400.