Areas Served: Eau Claire
The Eau Claire Economic Development Division offers several business loan programs for Eau Claire, Wisconsin businesses.
Job Credit / Building Credit Program (City of Eau Claire) Eligibility: Manufacturers that will create new jobs are eligible.
Eligible uses of funds include fixed assets; capital equipment purchases; land and facility purchase; remodeling and rehabilitation.
Subject to approval by Eau Claire City Council.
Terms: $1,000 credit per $100,000 building valuation; $1,000 credit per each job created
Revolving Loan Fund (Economic Development Administration) ² Eligibility: Companies in manufacturing or service industries that will create new jobs are eligible.
Dislocated workers who start manufacturing or service businesses are also eligible.
Eligible uses of funds include fixed assets; capital equipment purchases; facility purchase, remodeling and rehabilitation; and some working capital uses.
Terms: $10,000 loaned per each job created.
Maximum loan is $100,000 or 30% of the project cost, whichever is less.
The maximum term is five years.
Interest rate is 60% of the Wall Street Journal prime lending rate, but not less than 4%.
Business Development Loan Fund (City of Eau Claire) Eligibility: The project must leverage private investment of five dollars to each BDF dollar and must create new jobs.
It can involve land and building acquisition, renovation, rehabilitation and re-use of existing buildings for commercial and industrial purposes, new construction, redevelopment projects, and the purchase of equipment.
Terms: $10,000 loaned per each job created.
Maximum loan is $250,000, or 30% of project costs, whichever is less.
The loan will be set at zero percent for the first 2.5 years and 60% of the Wall Street Journal prime lending rate thereafter.
Term of the loan is matched to the useful life of the collateral.
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Contact InformationEau Claire Economic Development Division
Address: 203 S. Farwell St
City: Eau Claire
State: Wisconsin
Website:
http://www.eauclairedevelopment.com/doing_business/assistance.html
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