Areas Served: City of Neillsville
The City of Neillsville, Wisconsin has a Business Loan Fund that can be used for commercial and industrial projects.
The purpose of the fund is to encourage the creation of quality jobs and to increase the tax base.
Eligibility: To be eligible a business must: – Be located within the city or propose to locate within the city – Create or retain jobs, of which at least 51% will be available to low and moderate income (LMI) persons – Demonstrate that it can repay the loan Eligible activities include: – Land and building acquisition – New building construction or building renovation – Building façade improvements – Acquisition and installation of production-related equipment – Site improvements – New working capital for direct labor and inventory (one year) Finance Terms and Conditions Below market interest rates which may be fixed for the term of the loan.
Deferrals of principal and/or interest payments may be allowed for a brief period of timeTerms can be up to five years on working capital loans, seven to ten years on machinery and equipment, and 12 years on real estate with an option of eight additional years.
Collateral is required Restrictions – The project must include an amount of private funds (cash and bank loans) equal to the amount borrowed from the Neillsville loan fund – Job creation is required with a maximum of $20,000 of city funds for every full-tim job created.
Contact InformationCity of Neillsville, Wisconsin
Address: 118 W. 5th St
City: Neillsville
State: Wisconsin
Website:
https://www.neillsville-wi.com/business-development/
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