Areas Served: Calumet County
Calumet County Planning Department through its partnership with the Department of Commerce administers a Business Revolving Loan Fund (RLF) Program.
This business loan program is designed to create or retain new and existing businesses in Calumet County, Wisconsin and provide business loans on a companion basis with other financing resources such as public sector loans or other government loan programs.
Since 2001 the County RLF has helped 11 businesses from a range of industries including dairy farmers, retail, professional services, and manufacturers.
In total $2,731,000 has been loaned out and the average loan size is $50,000. These companies have created 185 new jobs in Calumet County:
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 cost only).
Eligibility Requirements
- Private Funds Leveraging: Must leverage a minimum of one dollar of private funds for every 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
- 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.
- Location: Activities financed must be located within Calumet County
- Terms and Conditions – Loan Amount: Loans amounts are subject to availability of funds
Interest Rate: The annual rate of interest is 4 percent
Loan Terms: Maximum loan terms are: – Real Estate 12 years – Fixed 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 County seeks to have the best possible collateral position that ensures loan fund security.
Contact Information
Calumet County, Wisconsin
Address: 206 Court Street
City: Chilton
State: Wisconsin
Website:
https://calumetbusiness.com
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