Three Banks Offering $30M in Loans for Springdale Projects

Arvest Bank, United Bank and First Security Bank will work with the Downtown Springdale Alliance to make available a total of $30 million to small businesses and investors who want to renovate an existing structure, construct a new facility or open a business or service within the guidelines of the Downtown Springdale Master Plan.

“Downtown Springdale continues to experience visible revitalization as a result of significant strategic private and public investment,” Jill Dabbs, executive director of the Downtown Springdale Alliance, said in a news release. “The City’s Downtown Master Plan has helped to provide a phased approach for bringing the right kind of development to the area, and the outcome is now turning from interest to real projects. Over the next year we will see corporate, retail, housing, green space and infrastructure projects get underway that will be transformative to building a dynamic quality of life for residents, workers and visitors.”

Chris Thornton, loan manager with Arvest bank, said the three banks believe in downtown and want to help businesses and investors with financing.

Qualified projects are subject to credit approval and qualified loans are at the sole discretion of each bank. Projects must be located in the Downtown Springdale Master Plan footprint by street and quadrant, be approved by the city planning commission and meet the form-based code.