local programs

Opportunity Grant Fund Program

The Opportunity Fund Grant Program is open to any business within the Morrison zip code. Some of the eligible expenses under this program are to include build out for city services to a property, website development, grants for new business expenses if you locate within the City’s arts, cultural and entertainment district.

$5,000 Maximum Per Request (MADC Will Budget $10,000 Per Year For This Program)

Miscellaneous Requests

Available to anyone within the 61270 zip code.
Paying the first year fee for chamber membership for all new businesses
Addressing any requests from the Morrison mapping committee for marketing
and development programming.
Providing a one-time voucher for new Morrison home buyers for use on first
month of city water-sewer (maximum value $350).
One-time payment of first month rent for anyone who has obtained a degree
or certificate from a post-secondary institution within six months of request
date that will have a job with a Morrison company (maximum value $750 –
cannot be accessed more than once including as a couple).
Miscellaneous request from business owner to develop new or existing
properties or to purchase equipment that may not need to access RLF
program.

Development Expenses

Build out city services to a property (water, sewer, fiber)

Paying the first year fee for chamber membership for all new businesses
Grant for new business expenses for any new businesses locating in the City’s
arts, cultural and entertainment district. (maximum value $500 – accessed one
time).
Website development expenses

Business Façade and Beautification Loan Program

This program is to help encourage improvement and investment to the overall revitalization of Morrison businesses. It provides funds for exterior improvements to a property owner’s or tenant’s commercial building that will be aesthetically pleasing and conforming to local design guidelines (including Morrison’s Historic Preservation Commission should the property lie within the district). Applicants can seek a loan of up to $5,000 per request for things like exterior improvements to a commercial property. This program is a 50% matching funds program with repayment of funds up to three years at 0% interest.

$5,000 Maximum Per Request (MADC Will Budget $20,000 Per Year For This Program)

Program Inclusions

Program is available to any business within the 61270 zip code. All applicants must
provide written bids with application. There is no financial review required to
participate in this program.
50% Matching Funds Program; with repayment of funds up to three years at 0%
interest to allow for reinvestment in additional properties. Loan must be repaid in full
prior to submitting an additional request for funds.
$100 application fee payable to MADC if loan is approved.
Can be dovetailed with City Building Improvement Program.
50% matching program (less any other grants e.g. City of Morrison City Building
Improvement Program.)

Revolving Loan Program

This program is designed to provide GAP financing for local capital projects which cannot obtain financing without this MADC funded program. There is a minimum request of $10,000 up to a maximum of $50,000.

Program Requirements

Interest rate shall be 3% under prime with loan terms as follows: 5 year adjustable up to
a 7 year amortization. Depending on the expected life of machinery. Real Estate is 5
years adjustable with a 20 year maximum amortization. The interest rate will be no
lower than 3% regardless of prime rate.
Payments shall be due monthly on the first day of each month until fully repaid.
Collateral acceptable to the MCIF Committee may be required.
Job creation or retention is encouraged, but not required.
If project is funded, there is a $100 application fee.
Application is required.
Final approval is subject to the favorable recommendation by the MCIF Review Committee to the MADC Board.