Burlington Road Construction Micro-Loan
The purpose of establishing the 2026 Road Construction Micro-Loan Program is to assist businesses located in the construction area, see the map below, during the construction project.
The loan will be disbursed in one lump sum at closing. Repayment will be deferred for 6 months. Phase I interest will begin Nov 1, 2026 while Phase II would begin Feb 1, 2027
If, by that time, the loan is repaid in a lump sum, no interest would be charged. If not repaid by November 1st (phase I) or February 1st (phase II), interest will accrue at a rate of 4% per annum. The loan shall have a 48-month term starting November 1st, 2026. Monthly payments will be calculated based on 48-month amortization. Monthly payments shall be made via ACH.
The Micro-Loan Program was established by the City of Burlington for businesses located within the construction area. The funding source is the Burlington Revolving Loan Fund program. A total of $100,000 will be allocated to the Micro-Loan Program.
The allocation will be divided as follows: $ 50,000 for the
phase I area and impacted businesses, and $50,000 for the
phase II area and impacted businesses.
LOAN AMOUNT
The loan amount would be $5,000 per business within the
construction area. One application can be submitted by
each business during the applicable phase.
The road construction project will be phased. The red area shown above will be phase I and will include Chestnut Street (Milwaukee Avenue to Pine Street) and Pine Street (Milwaukee Avenue to Chestnut Street). It is expected that phase I will be completed by July 31, 2026.
The blue area shown above will be phase II and will include Pine Street (Chestnut Street to Jefferson Street) and the Chestnut and Bridge Street crosswalk. It is expected that phase II will be completed by September 30, 2026. Final completion of the entire project will be October 30, 2026.