PENDLETON — Knowing the look of a town can make or break its image, Pendleton is promoting the availability of $500,000 in low-interest funds for building and business owners who want to improve their properties.

Pendleton Redevelopment Commission, a group appointed by the town to oversee business and development areas in town, seeks to provide loans from $1,000 to $25,000 through the town’s Revolving Loan Fund Program; the program was established through the Pendleton Main Street Revitalization Facade Program.

“I think this will open up some doors for people who maybe can’t get total funding through a bank, and this could be a little bit of help,” town manager Tim McClintick said.

The loan program is a win-win for the town, community members, business and building owners, town officials said.

Building owners who wish to establish a new business or expand or improve an existing one can apply.

The program will work with four local banks — First Merchants, BMO Harris, Citizens State Bank and Star Financial Bank — to arrange the loans.

“If it’s a good project, we can be there to help them out,” said Chad Wolfe, president of the redevelopment commission.

In most cases, the term of the revolving loan fund will correspond with the term of a private sector loan.

The stated goals of the program are to promote employment opportunities; attract new business; upgrade the appearance of local property; retain and expand significant business enterprises; and improve retail sales, property values and the business climate.

If a particular loan would have an impact on the town significantly beyond that expected of the loan program, the commission could approve increasing the maximum loan amount, officials said.

Examples of eligible uses of loan funds include interior and exterior building improvements, labor, architectural assistance, awnings, cleaning, building construction, land acquisition, masonry work, window repair, historical review, paint, materials, lighting and landscaping.

Projects must be located in the downtown business zoning district, the planned-business zoning district, the industrial district or a planned unit development (PUD).

Once an application is submitted, the commission can approve or reject it.

Town officials copied the idea of a facade update program from the town of Franklin, they said. Franklin has kept its historic charm yet revitalized many business and buildings, something Pendleton wants to do, they said.

“Our goal is not to take away from our historic charm but to protect and maintain it,” Wolfe said.

For more details on the loan process, call 765-778-2173 or email Rachel Christenson at [email protected].