• Mar 13, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

Revolving Loan Funds (RLF) are designed to provide funds needed to 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 The fund may make loans for the following types of projects: (1) start-up businesses or firms with short operating histories (three years or less) which can demonstrate growth potential in the short term, and provide significant economic benefits to the region or specific locality in the long term; (2) expanding employers which demonstrate substantial economic benefits for the region or locality; and (3) attraction of new employers when used as an incentive and where there are excellent economic benefits.

Minimum Requirements for Green County RLF Loan To be eligible, the proposed project must meet all of the following requirements: – Private Fund Leveraging.

Must leverage at least one dollar of private funds for every dollar of RLF funds requested.

– Job Creation.

At least one permanent Full-time Equivalent (FTE) position must be created or retained for every $20,000 of RLF funds requested.

Further, at least one (1) of the jobs created must be a full-time, permanent position with an hourly wage equal to or greater than the mean hourly wage for that occupation.

– Employment.

At least 51% of the jobs created or retained must be made available to persons of low to moderate income (LMI) as defined by the Federal government.

– Equity.

In general, at least 10% of the project should be funded by owner equity.

– Location.

Activities financed under the RLF must be located within Green County, Wisconsin or within a municipality partially located within Green County.

Loan Amount.

Loan amounts are always subject to availability of funds.

There is no set minimum or maximum but generally loan requests should be for amounts greater than $20,000. Interest Rate.

The rate may be fixed or graduated on a fixed schedule.

In no case shall the rate be greater than two percent above the Wall Street Journal prime rate at time of closing



Contact Information
Green County Development Corporation
Address: N3150 Hwy 81
City: Monroe
State: Wisconsin

Website: http://greencountyedc.com/inner.iml/Business_Owner/Financial_Assistance

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