BREA : Loans to Spruce Up Businesses Offered

Business owners affected by the Imperial Highway widening project may apply for low-interest loans of as much as $150,000 for landscaping, removal of old signs, painting and other storefront improvements, officials said.

The City Council, sitting as the Brea Redevelopment Agency, unanimously approved spending $500,000 for the so-called commercial rehabilitation loan program to help business owners refurbish their locations.

Improvements can also include paving and restriping of parking spaces, putting up new signs, cleanup and other exterior upgrades to make the location more attractive.

Redevelopment services director Sue Georgino said the loans, for businesses in the small retail centers next to Imperial Highway, are low-interest matching loans. The city will make the loans in amounts up to 50% of the total improvement cost.

The loans are from $10,000 to $150,000, payable over 20 years, with a 7% annual interest rate, Georgino said. A business owner with one property could qualify for as much as $20,000, while those with multiple locations could qualify for up to $150,000, she said.

The property must be 10 years or older and the vacancy rate, if it is a shopping center, must not exceed 10%.

A city study shows there are four shopping centers in the area, ranging in age from 15 to 30 years, that are either fully leased or have vacancy rates of less than 10%.

Sherry Norman, executive director of the Brea Chamber of Commerce, said the loans are good news for businesses.

“I think it’s very exciting to upgrade that area of town,” she said, adding that currently there are 120 businesses in the area.

Assistant City Manager Tim O’Donnell said an information packet about the program is being prepared and application forms will soon be available.

The $19-million widening of Imperial Highway started last August and is expected to be completed in December, 1994. One lane will be added in each direction from Berry Street to Randolph Avenue.