Areas Served: City of Grafton
Economic development activities are assisted with funds made available through the revolving loan program are intended to meet the following objectives for businesses in Grafton, Wisconsin: 1) To encourage the creation and retention of permanent jobs which provide a wage appropriate to the skills and experience of the local labor force and that is competitive.
A minimum of 51 percent of the jobs created or retained must be made available to low- and moderate-income persons.
2) To encourage the leveraging of new private investment in the City in the form of fixed asset and working capital investments.
3) To perpetuate a positive and proactive business climate which encourages the retention and expansion of existing businesses and helps to attract desirable new businesses.
4) To maintain and promote a diverse mix of employment opportunities and to minimize seasonal or cyclical employment fluctuations.
MINIMUM REQUIREMENTS To be eligible for funding, a proposed project must meet all of the following minimum requirements: 1) Private Funds Leveraged.
One dollar of private sector investment must be provided for each dollar of RLF investment.
Private sector investment is defined as financing from a private lending institution, public sector business loan programs other than the CDBG program, or new equity that is injected into the business as a part of the expansion project.
2) Cost Per Job.
A minimum of one full-time equivalent (FTE) job must be created or retained for each $20,000 of RLF funds requested.
3) Financial Feasibility and Business Viability.
The applicant must demonstrate that the proposed project is viable and that the business will have the economic ability to repay the funds.
TERMS AND CONDITIONS Loan terms and conditions will be structured on the basis of need and ability to repay.
Minimum standards will include the following: 1) Loan Amount.
The loan amount will be negotiated on a case-by-case basis with the EDB.
2) Interest Rate.
The rate of interest will range from 0 percent to 50 percent of the prime rate of interest as published in the Midwest Edition of the Wall Street Journal.
The interest rate will be fixed for the term of the RLF loan.
3) Loan Term.
Standard terms for RLF loans will be as follows: a) machinery, equipment, and fixtures5 to 10 years; b) buildings and land5 to 12 years; and c) working capital2 to 7 years.
Amortization periods that exceed the loan term may be provided where appropriate.
Contact InformationOzaukee County, Wisconsin
Address: 121 W. Main Street
City: Port Washington
State: Wisconsin
Website:
http://www.ozaukeebusiness.org/businessIncentives.html
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