Areas Served: City of Beloit
The purpose of the Revolving Loan Program is to promote local economic development through the expansion and retention of employment and business opportunities in the City of Beloit, Wisconsin.
Eligible Activities Program funds shall be used to assist a business to finance exterior and interior building improvements (including upper floor units), purchase of land and building, new construction, purchase of machinery and equipment, land improvements, (i.e. site preparation, sewer and utility extensions, etc.
), demolition, and leasehold improvements.
Loan Amount: Up to 30% of total project coSt. Interest Rate: If loaned in conjunction with a bank loan, 75% of bank rate.
Stand alone loans will be set at 75% of Wall Street Prime rate at time of loan approval for projects with loan term greater than 10 years.
65% of Wall Street Prime rate for 1-10 year loan term.
Repayment Terms: Up to 25 years- land and building 10 years- machinery and equipment
Contact InformationCity of Beloit, Wisconsin
Address: 100 State Street
City: Beloit
State: Wisconsin
Website:
http://greaterbeloitworks.com/business-resources/
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