EDA CARES ACT RECOVERY ASSISTANCE

REVOLVING LOAN FUND

SUMMARY

 

The EDA CARES Act Recovery Assistance Revolving Loan Fund (RLF) is designed to assist small businesses most impacted by the COVID-19 pandemic by assisting with long-term, fixed rate, low-interest working capital loans.

ELIGIBILITY

 

To be eligible, a business must:

 

  • Utilize the loan for working capital

  • Be located within the seven county region (Barron, Chippewa, Clark, Dunn, Eau Claire, Polk, and St. Croix)

  • Employ less than ten (10) full-time equivalent (FTE) employees

  • Operate within one of the following industry sectors:

    • Manufacturing (NAICS 31-33)

    • Retail Trade (NAICS 44-45)

    • Health Care and Social Assistance (NAICS 62)

    • Arts, Entertainment, and Recreation (NAICS 71)

    • Accommodation and Food Services (NAICS 72)

    • Other Services (NAICS 81)

  • Demonstrate ability to repay the loan

 

FINANCE TERMS & CONDITIONS

  • Loan sizes from $5,000 to $10,000

  • Repayment terms are up to seven years

  • 1% fixed interest rate for the first two years followed by 2% for the remaining term

  • Deferrals of principal and/or interest  payments may be allowed for up to 12 months

  • Collateral is required

  • Unlimited personal guarantees are required for any owner with a 20% or greater ownership interest in the business

  • All customary out-of-pocket fees and legal costs made in connection with the transaction are the borrower’s responsibility

APPLICATION PROCEDURE

 

Interested businesses complete and submit applications directly to the West Central Wisconsin Regional Planning Commission.

Use the icon below to download the application.

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