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The Murray Bank Commits to Downtown Incentive Grant Program

Story courtesy of John Wright, The Murray Ledger and Times

The site of paint brushes being used and the sound of power tools in full bore may become more frequent in downtown Murray, as The Murray Bank has committed to financially funding a grant program designed for building and house improvements.

Murray Main Street Inc. Manager Deana Wright said Tuesday that The Murray Bank will fund the Downtown Incnetive Development Grant (DIG) Program with $5,000 that will be made available for home or business owners. Up to $1,000 can be used for a project annually.

“And from what I’m hearing, we’re going to have a lot of people lining up to try and use this, which is exactly what we want,” said Wright, adding that the program will officially launch on September 1.
“Obviously, we’d like to thank The Murray Bank.  They stepped upand took the lead on  this. I met with (Murray Bank Marketing Coordinator) Tim Stark a few weeks ago and talked to him about this because I knew they were a very strong supporter of this community. I told him that I think this is something that will be good for the community, and that I’d like them to consider it.”

“We talked a good while about it, and I thought we’d be heavily interested in it, but I told her we still had to go through the proper channels,” Stark said.  “So, it was taken to our marketing committee and they were very supportive of going ahead with it.”

“Murray has a rich and proud history with it’s downtown area, and we looked at it as anything we can do to try to invest in downtown is something we should consider. Murray Main Street is looking for different ways to invest in downtown, and you look at how many businesses are needing money for improvements.  What better way to provide support? It’s a definite win-win situation for us at The Murray Bank.”

Wright said residential and business upgrades are noted as eligible uses for DIG, along with interior design, structural enhancements and exterior design enhancements. Windows and signage are among projects that could come into play, along with painting, lighting, electrical and plumbing issues, siding roofing, porch repairs, even purchase of cash registers, display cases, counters, computers and copy machines.

The only ineligible uses are financing existing debt, projects started before grant approval, merchandise and professional fees.

“People may look at this and say, “Well, that’s not a lot of money,” but when you look at things like rotting wood on a house or paint on a building on the court square, that does wind up being a lot of money,” Wright said. “The really good part about all of this is that it’s reimbursed money. In other words, if you request $1,000 for a project, it’s really like getting $2,000 because you’re getting that original $1,000 back.”

As far as the application process will go, Wright said anyone wishing to utilize the grant will fill out an application and include a budget for the project seeking to be undertaken. Once the application is received, it is considered by Main Street’s Design Committee, which meets on the third Thursday of each month. If approved, the Main Street Gran Committee will meet and give final approval of the project.

Anyone with questions about the DIG program can contact Wright at (270) 759-9474.

Founded in Murray, KY, The Murray Bank is proud to be Murray and Calloway County’s only locally owned and operated bank. The Murray Bank has three offices; 405 South 12th Street, 700 North 12th Street, both in Murray, and in Hazel at 405 Main Street. The Murray Bank is an Equal Housing Lender, Member FDIC. For more information on any services offered by The Murray Bank, call (270) 753-5626, (270) 492-8388 or log onto www.TheMurrayBank.com