FAIRMONT– The Fairmont Economic Development Authority on Monday approved the creation of and budget for a facade program. The goal of the program is to support business owners who are looking to spruce up the exterior of their building.

Fairmont’s Economic Development Coordinator, Ned Koppen, shared that he had finalized details of the program after presenting it to the board last month.

The loan will cover up to $5,000 of 50 percent of the project. Recipients will pay the interest only on the loan, which will have a five year term. If the business proves successful, each year FEDA will forgive 20 percent of the principal, with 100 percent of the loan forgiven after five years.

“My hope is that it spurs and enables businesses to improve the outside of their buildings and dress things up. Once one person, two people, three people do that, it gains traction,” Koppen said.

The board approved moving $30,000 from its reserve fund, to combine with the existing micro loan fund, for a total of $40,000 to operate both programs together.

The board also heard from Fairmont Area Chamber of Commerce’s president, Kandi Menne, who requested monetary support for the upcoming Area Career Exploration (ACE) event. ACE brings in sophomore students from a dozen high schools in the area to visit booths from about 100 area businesses.

The board approved giving the chamber $1,500 for the event.

In other news, the board:

–Approved a $50,000 loan from its revolving loan fund for two people who are interested in purchasing Janzen’s Greenhouse. The pair plans to operate the greenhouse, located at 2401 Albion Ave., as a greenhouse under the same name.

— Heard an update on the Request for Proposal (RFP) for the incubator building, which FEDA owns. While the RFP has been posted since January, Koppen said they have not yet received any proposals, but that he’s been in contact with and has had discussions with several interested people.