Areas Served: Manitowoc County
Revolving Loan Funds are designed to provide funds, generally at favorable interest rates, that can assist entrepreneurs with funds needed to start or expand a business.
Loans are generally tied to maintaining or expanding the work force.
As the business repays the funds to the local unit of government, the money can be loaned to other existing businesses within the community or county to finance additional economic development projects.
In Two Rivers, the city lends $5,000 to $20,000 for every job created, as long as the business invests at least twice the amount of the city loan.
The financing may be used for capital improvements or investments needed to expand or maintain employment and production levels in the city.
Local lenders can help with your portion of the investment.
LEARN MORE The City of Manitowoc has two fund programs; The City’s Downtown Revolving Loan Fund (DRL) and the Industrial Revolving Loan Program (IRL).
The DRL Program encourages the revitalization of businesses in downtown Manitowoc and provides long-term, fixed rate financing at 4% interest with low down payment requirements.
The IRL program provides capital for projects city-wide at long-term, fixed rate financing at 65-75% of the prime rate, with low down payment requirements.
Contact InformationEconomic Development Corporation of Manitowoc County
Address: 202 N. Eighth St, Ste 101
City: Manitowoc
State: Wisconsin
Website:
http://www.edcmc.org/assist-local.html
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