Areas Served: Wood County
The Wood County RLF Program makes funds available to businesses as a revolving loan fund (RLF) throughout Wood County, Wisconsin.
The funding is used for projects in the county that create additional employment opportunities, leverage additional private investment in the county, expand the county’s tax base and provide for the merchandising of products to the many households in Wood County.
The RLF can also be used as a means for business and industry to begin, continue, or expand operations where conventional financing is insufficient, unavailable, or not feasible.
Economic development activities assisted with funds made available through the RLF Program are intended to meet the following objectives: (1) To encourage the creation and retention of permanent jobs, which provide a wage, appropriate to the skills and experience of the local labor force and that is competitive.
A minimum of 51 percent of the jobs created shall be made available to low and moderate-income persons.
(2) To encourage the leveraging of new private investment into the County in the form of fixed asset investment, particularly in land and buildings.
(3) To perpetuate a positive and proactive business climate which encourages the retention and expansion of existing businesses and helps to attract desirable new businesses.
(4) To implement the County’s Economic Development Plan goals and objectives.
(5) To maintain and promote a diverse mix of employment opportunities and to minimize seasonal or cyclical employment fluctuations.
(6) To encourage the development and use of modern technology and create safe work environments.
(7) To assist and encourage business and industry to upgrade, remodel, or expand their present facilities in an effort to increase sales and develop a need for additional fulltime employees or the retention of existing employees.
Program loans shall be available to eligible applicants for the following activities: (1) The acquisition of land, buildings, and fixed equipment.
(2) Site preparation and the construction or reconstruction of buildings or the installation of fixed equipment.
8 Wood County Revolving Loan Fund Manual (3) Clearance, demolition, or the removal of structures or the rehabilitation of buildings and other such improvements.
(4) The payment of assessments for sewer, water, street, and other public utilities if the provision of the facilities will directly create or retain jobs.
(5) Working capital (inventory).
(6) Legal services incurred in the closing of a RLF loan are eligible TERMS AND CONDITIONS – At least one (1) full-time permanent position or full-time equivalent must be created for every $20,000 of program funds requested.
– Loan Amount.
Loan amounts are subject to the availability of program funds.
– Interest Rate.
The interest rate may be fixed or graduated on a fixed schedule.
In no case shall the interest rate be less than 4% nor greater than 2% above the prime rate at the time the loan agreement is signed.
– Terms for Loans.
The length of loan repayment shall be no longer than the term of the private financing.
In no case shall the term exceed 10 years (amortization not to exceed 20 years).
The term of the loan cannot exceed the blended life expectancy of the security pledged for the loan.
Contact InformationWood County, Wisconsin
Address: 400 Market Street
City: Wisconsin Rapids
State: Wisconsin
Website:
http://www.co.wood.wi.us/
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