City of Coldwater Downtown Development Authority Agenda Packet 2026-06-24
Southern Michigan Bank Joins DDA Loan Pool with $400K
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Description
Southern Michigan Bank & Trust invested $400,000 into the Downtown Coldwater low interest loan pool, extending discounted-rate financing for eligible building improvement projects. Loans can reach up to $100,000 per project.
Contract Details
Contract Amount
$400,000 committed to loan pool
Vendor
SOUTHERN MICHIGAN BANK & TRUST
Agency
City of Coldwater, MI
Contract Type
FINANCIAL_SERVICES
Document Date
June 23, 2026
Contract Term
Five-year loans at 1% below prime with a 3.25% floor; individual loan terms set by bank
Renewal Info
Loan pool participation is ongoing; individual loans may extend up to 5 years with potential exceptions for high-impact projects.
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