• Nov 07, 21
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

Through a grant from the Wisconsin Department of Commerce’s – Community Development Block Grant Program (CDBG), the City of Whitewater, Wisconsin has the ability to make loans of varying sizes to businesses that are considering locating within the cities limits.

Loan Programs Industrial Development Loan Program – This program is targeted to manufacturing, distribution, and related businesses which have greater capital needs and generally provide larger numbers of jobs.

Loans made under this program will not exceed $150,000, unless exceptional circumstances merit a greater sum.

Commercial Enterprise Loan Program – This program is designed to appeal to mid-sized to larger commercial and retail businesses.

Loans will generally not exceed $50,000 unless exceptional circumstances merit a longer term.

Micro-Loan Program – The intent of this program is to encourage new business formation and expansion of small businesses, particularly those located in the downtown business district.

Loans under this program may not exceed $15,000. Eligibility Requirement Eligible Area Projects must be located within the corporate limits of the City of Whitewater in order to be eligible for loans made through the Economic Development Loan Program.

Eligible Applicants Applications may be submitted by any business wishing to establish a new operation or expand an existing operation located within the City of Whitewater.

Eligible Activities Program loans are available to applicants for the following activities: – Acquisition of land, buildings and fixed equipment – Site preparation and construction or reconstruction of buildings (including leasehold improvements), provided that they are in keeping with any covenants or design guidelines (such as the Whitewater Business Park Covenants) imposed by the City of Whitewater or Whitewater CDA, and are consistent with plans approved by the City of Whitewater Plan & Architectural Review Commission; – Installation of fixed equipment – Clearance, demolition, or removal of structures or rehabilitation of buildings (including leasehold improvements) and other such improvements, provided they are in keeping with any covenants or design guidelines (such as the Whitewater Business Park Covenants) by the City of Whitewater or Whitewater CDA, and are consistent with plans approved by the City of Whitewater Plan & Architectural Review Commission; – Payment of assessments to a business for sanitary sewers, water mains, public streets and other improvements if the provision of the improvements will directly create or retain jobs.

The use of Economic Development Loan Program Funds in this manner must be in the form of a loan to a business which is assessed for these costs.

In addition to the above, the Micro-Loan Program may also be used to provide working capital for inventory and direct labor costs only.

(This use is available exclusively to Micro-Loan recipients.

) Minimum Requirements To be eligible for funding, a project must meet all of the following minimum requirements; – Private Funds Leveraged – The applicant must leverage a minimum of one dollar of private funds for every one dollar of loan funds requested.

Higher leverage may be required at the discretion of the Loan Review Board.

– Cost per Job Created – At least one FULL TIME, permanent position must be created for every $20,000 or program funds requested.

No part-time jobs will be counted toward meeting this requirement.

The CDA may require job creation at a rate greater than one job per $20,000 loaned, upon taking into consideration the type of jobs, hourly wage, benefits, etc.

– Financial Feasibility and Business Viability – The applicant must demonstrate that the proposed project is viable and the business will have the economic ability to repay the funds – Low and Moderate Income (LMI) Benefits – The project will provide increased permanent employment or will retain existing jobs which would have been lost locally.

Of the jobs created or retained by the project, at least 51 percent must be made available to low or moderate income persons as defined by the U.S. Department of Housing and Urban Development.

– Compliance with Applicable Laws.

Applicants will comply with all applicable local, state, and federal laws and codes.

– Project Completion – Project shall be completed within 24 months from the date of the loan approval.

– Owner Equity – Applicants for the Micro-Loan Program must have a minimum ten percent equity in the business to qualify for loan.





Contact Information
City of Elkhorn, Wisconsin
Address: 1000 E Centralia St
City: Elkhorn
State: Wisconsin

Website: http://www.walworthbusiness.com/index.php?option=com_content&view=article&id=45:city-of-whitewater-economic-development-revolving-loan-fund&catid=23:business-resources

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