Monroe Federal announced today that it was making available interest free lines-of-credit of up to $2,500 to downtown Tipp City businesses. With the reconstruction of the downtown infrastructure, many businesses in the historic district have seen fewer customers stopping in to shop.
“Some of our downtown businesses are facing cash flow issues while the downtown construction progresses. Once construction is done, the downtown will be an even better place to shop and visit, but we need to do what we can to make sure our downtown merchants survive this period,” said David Summers, President & CEO of Monroe Federal.
Business owners will not incur any interest expense or be charged any fees if the amounts drawn are repaid by January. “That will allow our businesses to get through the holiday season when their cash flow will improve,” Summers said. If a balance remains on the line-of-credit after the holiday season, the balance will be converted to an installment loan with an interest charged at the prime rate minus one-quarter from that point forward. Eligible businesses must be located in downtown Tipp City within one block of Main Street between the east edge of downtown and the railroad tracks.
Summers added, “Folks need to know that downtown Tipp businesses are open during this construction period and both the City and the contractor (Double Jay) have done whatever they can to keep the downtown businesses accessible as construction progresses. There’s no need to wait until the construction is over to come to downtown Tipp City, we’re open now.”
Monroe Federal is a mutual financial institution with its home office in Tipp City and branches in Vandalia and Butler Township. As a mutual association, the company is owned by its depositors. It was founded in 1875 and its Tier 1 Capital of 11.3% is more than double the amount necessary to be considered well-capitalized under federal guidelines. Deposits are federally-insured through the FDIC.
