At its January 20 meeting, Troy City Council approved a new loan program to assist downtown property owners wishing to install or upgrade fire sprinkler systems. The program is designed to reduce financial barriers to purchasing and renovating historic downtown buildings, especially those with underutilized upper floors.
To launch the initiative, City Council allocated $200,000 from the Troy Reinvestment Fund. Loans issued through the program will be managed through Troy’s Small Business Revolving Loan Fund, which supports job creation, business retention, and infrastructure improvements. As loans are repaid, funds will be returned to the Troy Reinvestment Fund or reissued to new borrowers.
Under the fire sprinkler loan program, property owners may apply for loans ranging from $10,000 to $50,000. Eligible properties include buildings located on Market Street between Water and Franklin Streets, and on Main Street between Plum and Mulberry Streets. For more information, contact Development Director Tim Davis at 937-339-6901 or at tim.davis@troyohio.gov.