Loan Payback Project

In 2011, the Northfield Historical Society undertook an accessibility project to add an elevator and handicapped-accessible restroom facilities on all three floors. The cost of the project necessitated a loan which the Society has been paying down monthly since 2011. NHS refinanced the loan in 2020 when a balloon payment was due. There had been talk of paying down a substantial amount of the loan during the refinancing process, but 2020 proved to be a difficult year to commit to a lump sum payment amid the pandemic.  

The pandemic also brought NHS into the unexpected circumstance of receiving a PPP loan and then being disqualified from being able to gain forgiveness for it based on the percentage of loss. The PPP loan now has to be repaid alongside the building loan. While paying down both loans is not an impossibility, it is also not an easy task for us. Our fundraiser will take these online donations and use them to chip away at the loan amounts we owe the bank, helping us to pay down a little extra as we go along. Every little bit helps!