Areas Served: City of Port Washington
The City of Port Washington, Wisconsin provides a loan program for businesses within city limits.
MINIMUM REQUIREMENTS To be eligible for funding, a proposed project shall meet all of the following minimum requirements: 1) Private Funds Leveraged.
One dollar of private sector investment shall 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 shall be created and/or retained for each $20,000 of RLF funds requested.
TERMS AND CONDITIONS Loan Amount.
The amount of funds available for any single business enterprise shall range from a minimum of $5,000 to a maximum of $100,000. Requests for loan amounts in excess of $100,000 will be negotiated on a case-by-case basis.
2) Interest Rate.
The interest rate on each loan shall be set at 50 percent of the prime rate as published in the Midwest Edition of the Wall Street Journal or 4 percent, whichever is less.
The interest rate shall be fixed for the term of the RLF loan.
3) Loan Term.
Standard terms for RLF loans shall be as follows: a) machinery, equipment, and fixtures2 to 10 years; b) buildings and land5 to 10 years; and c) working capital1 to 7 years.
Amortization periods that exceed the loan term may be provided where appropriate.
ELIGIBLE ACTIVITIES RLF loans shall be provided to eligible applicants for the following activities: 1) The acquisition of land, buildings, and/or fixed or major movable equipment.
2) Site preparation; the construction and/or reconstruction of buildings; the rehabilitation of buildings, including leasehold improvements and facade renovation for commercial and industrial buildings; and/or the installation of fixed equipment.
3) Clearance, demolition, and/or the removal of structures.
4) Working capital.
5) Buyouts by purchase of assets or stock.
INELIGIBLE ACTIVITIES RLF loans shall not be available for the following activities: 1) Refinancing or consolidating existing debt.
2) Reimbursement for expenditures prior to loan approval.
3) Specialized equipment that is not essential to the business operation.
4) Residential building construction and/or reconstruction (unless such reconstruction is intended to convert the building to a business use).
5) Routine maintenance.
6) Professional services such as feasibility and marketing studies, accounting, management services, and other similar services.
7) Other activities that the City may identify as inappropriate for the RLF program.
Contact InformationCity of Port Washington, Wisconsin
Address: 100 W Grand Ave
City: Port Washington
State: Wisconsin
Website:
http://www.ci.port-washington.wi.us/Forms/RevolvingLoanFundManual.pdf
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