Areas Served: Chippewa County
Chippewa County Economic Development Loan Fund (CCEDLF) is a flexible source of loan funds for economic development projects.
The purpose is to encourage the creation of quality jobs and to increase the tax base.
The County prefers participation loans with private lenders to qualified borrowers.
Direct loans may be allowed under certain circumstances.
Eligibility To be eligible, a business must: – Be located within the County or propose to locate within the County; – Create and retain jobs, and – Demonstrate that it can repay the loan.
Eligible activities include: – Equipment and machinery, furniture and fixtures – Site improvements; – New operating capital; – Land and building acquisition; and – New building construction or building renovation.
Finance Terms and Conditions – Below market interest rates which may be fixed for the term of the loan.
– Deferrals of principal and/or interest payments may be allowed for a brief period of time.
– Terms can be up to five years on operating capital loans, seven years on machinery and equipment, and up to 15 years on real estate.
– Collateral is required.
Restrictions – The project must include an amount of private funds (cash and bank loans) equal to the amount borrowed from the County; – Job creation and retention is required with a maximum of $20,000 of County funds for every full-time job created.
Indirect job creation may be considered.
Contact InformationChippewa County Economic Development Corporation
Address: 770 Scheidler Road Suite #3
City: Chippewa Falls
State: Wisconsin
Website:
http://www.chippewa-wi.com/index.php/business-loan-funds/29-loan-fund-information/25-chippewa-county-economic-development-loan-fund-.html
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