SUMMARY
The Revolving Loan Fund
(RLF) is a flexible source of loan funds for commercial and industrial projects. The purpose is to encourage the creation of quality jobs and to increase the tax base.
ELIGIBILITY
- Loan size of $25,000+.
- 4% fixed interest rate.
- Deferrals of principal & interest or principal payments may be allowed.
- Repayment terms can be up to five years for working capital, seven to ten years for machinery and equipment, and ten years for real estate.
- Collateral is required.
- Unlimited personal guarantees are required for any owner with greater than 20% ownership interest in the business.
PROGRAMS
SUMMARY ELIGIBILITY
The Downtown Facade Loan
Program provides financial assistance to encourage property and business owners in core downtowns to revitalize downtown commercial buildings within the towns, cities, and villages of West Central Wisconsin.
DESIGN REQUIREMENTS
Applicants must provide acceptable facade design
plans that comply with approved general design guidelines adopted by local governments.
FINANCE TERMS AND CONDITIONS
SUMMARY ELIGIBILITY
The Micro Loan Fund Program provides small loans to startup, newly established, or growing small businesses. The key objective is to assist business owners, who have traditionally had difficulty
accessing debt financing, by affording them another alternative to obtain credit.
- Loan size can range from $5,000 to $25,000.
- 4% fixed interest rate.
- Repayment terms up to ten years, with the exception of working capital loans which have a maximum term of three years.
- Collateral is required.
- Unlimited personal guarantees are required for any owner with greater than 20% ownership interest in the business.
SUMMARY ELIGIBILITY
The Technology Enterprise
Fund (TEF) is a "quasi-equity", or a patient debt, revolving loan fund that provides creative financing to new and emerging technology companies.
SUMMARY FINANCING GUIDELINES
The EDA Revolving Loan Fund is designed to address a gap in private capital markets for long-term, fixed rate, low down payment, low
interest financing. It was initially targeted to businesses affected, directly or indirectly, by the 1993 floods or to value added agriculture businesses located in the Counties of Barron, Chippewa, Clark, Dunn, Eau Claire, Polk and St.
Croix. The fund serves as a stimulant for commercial lending and not as a substitute for private capital.
APPLICATION PROCEDURE
Interested businesses complete and submit applications to their local County Economic Development Corporation or directly to the West Central Wisconsin Regional
Planning Commission.
- Loan size can range from $100,000 to $250,000.
- Loans are priced at an adjustable rate indexed to Prime, plus or minus an interest rate margin that is dependent on risk. The TEF may also require warrants or royalties to mitigate risk and provide for appropriate levels of upside participation.
- Repayment terms shall not exceed five years. Repayment options, including deferrals and interest-only periods, are negotiable.
- A security interest in all of the company's assets, including the technology associated with or developed during the life of the loan, will usually be required as collateral.
- Unlimited personal guarantees are required for any owner with greater than 20% ownership interest in the business.
- Be located in, or propose to locate in, West Central Wisconsin (Counties of: Barron, Chippewa, Clark, Dunn, Eau Claire, Polk, and St. Croix).*
- Create and/or retain jobs.
- Demonstrate ability to repay the loan.
- Eligible activities include: acquisition of equipment, machinery furniture and fixtures; new working capital; site improvements; land and building acquisition; new building construction or building renovation.
*Some communities within these counties may not be participating.
APPLICATION PROCEDURE
Interested businesses complete and submit applications to their local County Economic Development Corporation or directly to the West
Central Wisconsin Regional Planning Commission.
FINANCE TERMS AND CONDITIONS
- Be located within designated downtown boundaries of eligible towns, villages, and cities
- Demonstrate ability to repay the loan.
- Property taxes must be kept current.
- Provide acceptable design plans for building renovation.
- Eligible activities include: facade renovation; exterior lighting, doors, and graphics; signage, windows, and awnings; other facade or landscape improvements.
- Review design guidelines provided by community.
- Complete and submit application and design plans to the primary contact at the local government unit (i.e., City/Village Hall).
- Application and design plans are reviewed by local loan committee and a decision will be made .
APPLICATION PROCEDURE
- Loan size can range from $5,000 to $30,000.
- 0% fixed interest rate.
- Repayment terms up to 15 years.
- All loans shall be secured by a mortgage on the property being renovated.
- Unlimited personal guarantees are required for any owner with greater than 20% ownership interest in the business.
- Be located in, or propose to locate in, West Central Wisconsin (Counties of Barron, Chippewa, Clark, Dunn, Eau Claire, Polk, and St. Croix).*
- Have annual sales less than $1 million AND have 25 or fewer employees.
- Business plan required.
- Demonstrate ability to repay the loan.
- Eligible activities include: new working capital; inventory purchases and supplies; acquisition of equipment, machinery, furniture and fixtures; leasehold improvements; building renovation and rehabilitation; real estate acquisition; natural disaster recovery.
*Some communities within these counties may not be participating.
APPLICATION PROCEDURE
Interested businesses should complete and submit applications to their local County Economic Development Corporation or directly to the
West Central Wisconsin Regional Planning Commission.
FINANCE TERMS AND CONDITIONS
- Be located in, or propose to locate in, West Central Wisconsin (Counties of: Barron, Chippewa, Clark, Dunn, Eau Claire, Polk, and St. Croix).
- Be a technology specific business either processing and/or developing patentable technology or intellectual property.
- Have fewer than 100 FTE employees
- Raise at least a dollar-for-dollar (1:1) amount of private capital. Prior investments in the form of in-kind support and/or equipment contributions may qualify as private match.
- Eligible activities include: working capital used in the research and development, testing, and/or commercialization of a product, process or service; equipment and other fixed asset purchases that are essential in the research and development of an innovative technology.
ELIGIBLE TECHNOLOGIES
Any business engaged in the
activities of research, development or manufacture of advanced products or materials for use in the technology industry.
FINANCING GUIDELINES
- Loans sizes are in the $10,000 to $100,000 range.
- A minimum of one job created for every $10,000 borrowed.
- A minimum of $2.00 of private investment must be obtained for every $1.00 of public monies invested.
- 4% fixed interest rate.
- Deferrals of principal & interest or principal payments may be allowed.
- Repayment terms vary based on use of funds, but generally are no more than seven years.
- Collateral is required.
- Unlimited personal guarantees are required for any owner with 20% or more ownership interest in the business.
|
Review design guidelines will be provided by the community. Application and design plans are reviewed by the local loan committee.
APPLICATION PROCEDURE
Interested businesses should complete and submit applications to the West Central Wisconsin Regional Planning Commission.
To contact us:
Char Gurney or Beth Waldhart
800 Wisconsin Street
Mail Box 9
Eau Claire, WI 54703
Phone: 715-836-2918
Fax: 715-836-2886
Email: rbfinc@rbfinc.org
This site is best viewed in Internet Explorer
