Areas Served: City of New Holstein
The City of New Holstein through its partnership with the Department of Commerce administers a Business Revolving Loan Fund Program.
This business loan program is designed to create new employment, retain and expand existing businesses, and provide business loans on a companion basis with other financing resources such as public sector loans or other government loan programs.
Eligible Activities – Land, buildings, machinery and fixed equipment acquisition.
– Preparing site locations and installation of equipment.
– Construction, expansion, rehab or removal of existing buildings.
– Working capital (inventory and direct labor costs only).
Eligibility Requirements – Private Funds Leveraging: Must leverage a minimum of one dollar of private funds for every one dollar of loan funds requested.
– Job Creation: At least one full-time equivalent position must be created or retained for every $20,000 of funds requested.
– Feasibility: Each Applicant must demonstrate that their project is viable and there is the ability to repay the loan.
– Employment: At least 51 percent of the jobs created or retained must be made available to persons of low to moderate income as defined by the Federal Government.
Terms and Conditions – Loan Amount: Loan amounts are subject to availability of funds.
– Interest Rate: The annual rate of interest shall be established by the Loan Committee.
Loan Terms: Maximum loan terms are: – Real Estate – 12 years/Amort.
Over 20 – Equipment – 10 years – Working Capital – 7 years In any case, the loan shall not have a term longer than the terms of any private financing in the project.
Collateral: The city seeks to have the best possible collateral position that ensures loan fund security.
Contact InformationNew Holstein, Wisconsin
Address: 2110 Washington Street
City: New Holstein
State: Wisconsin
Website:
http://ci.newholstein.wi.gov/city-government.html?govID=15
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