Areas Served: Barron County
The Barron County Revolving Loan Fund is now incorporated into one Regional Revolving Loan Fund.
All the previous individual jurisdictional loan funds are now included in the same pool of funds for Barron County Wisconsin businesses.
ELIGIBILITY To be eligible, a business must: – Be located within the County or propose to locate within the County.
– Create and retain jobs, of which 51% will be available to low and moderate income (LMI) persons which can be met by posting job openings with Job Service.
– Demonstrate that it can repay the loan.
Eligible activities include: – Acquisition equipment, machinery, furniture and fixtures.
FINANCE TERMS and CONDITIONS – For GAP Loans hgreater than $25,000 – Interest rate of 4% will apply.
– Deferrals of principal and/or interest payments may be allowed for a brief period of time.
– Terms can be up to five years on working capital loans, seven to ten years on machinery and equipment, and 12 years on real estate with an option of 8 additional years.
– 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 RLF.
– Job creation and retention is required with a maximum of $20,000 of County RLF funds for every full-time job created.
Contact InformationBarron County Economic Development Corporation
Address: P.O. Box 71
City: Barron
State: Wisconsin
Website:
http://www.barroncounty.com/financing_internal.htm
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