Areas Served: Door County
The Door County Economic Development Corporation manages three low interest revolving loan funds to assist businesses start or expand their business in Door County, Wisconsin.
Typical terms for these loans include: – Provide a loan up to $250,000 but not more than 50% of total project costs.
– The interest rate and term are set individually for each loan but the term typically matches the life of the equipment/asset and the interest rates have ranged from 4-7% depending on economic benefits and risk assessment.
Business must commit to one job created or retained per $20,000 that we loan within three years.
If required, we can be flexible with repayment and offer interest only for 1-2 years.
We will seek the best possible collateral position.
Eligible Activities: – Acquisition of land, buildings, and fixed equipment – The payment of assessments for sewer, water, street, and other public utilities, if the provision of the facilities will directly create or retain jobs – Acquisition of inventory – The construction, reconstruction, or installation of buildings, fixed equipment, and site improvements* – The clearance, demolition, removal, or rehabilitation of buildings and improvements* *While eligible, these activities are strongly discouraged due to federal requirements but can be used as match for our loans.
Ineligible Activities: – Refinancing or reimbursement for expenditures made prior to loan approval – Equipment which has a depreciable life of less than five years – Payroll costs
Contact InformationDoor County Economic Development Corporation
Address: 185 East Walnut Street
City: Sturgeon Bay
State: Wisconsin
Website:
http://www.doorcountybusiness.com/business-assistance/financing-incentives/revolving-loan-fund/
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