Areas Served: Ozaukee County
Economic development loans made through the RLF program are intended to meet the following objectives for businesses in Ozaukee County, Wisconsin: 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.
A minimum of 51 percent of the jobs created and/or retained shall be made available to low- and moderate-income persons.
2) To encourage the leveraging of new private investment in the County in the form of fixed asset and working capital investments.
3) To perpetuate a positive and proactive business climate that encourages the retention and expansion of existing businesses and helps to attract desirable new businesses.
4) To lend monies at interest rates and loan maturities that encourages business development and facilitates reinvestment in the County, while providing for the recapitalization and growth of the RLF.
MINIMUM REQUIREMENTS To be eligible for funding, a proposed project shall meet all of the following minimum requirements: 1) Private Funds Leveraged.
One dollar of private sector investment shall be provided for each dollar of RLF investment.
Private sector investment is defined as financing from a private lending institution, public sector business loan programs other than the CDBG program, or new equity that is injected into the business as a part of the expansion project.
2) Cost Per Job.
A minimum of one full-time equivalent (FTE) job shall be created and/or retained for each $20,000 of RLF funds requested.
TERMS AND CONDITIONS Loan Amount.
The amount of funds available for any single business enterprise shall range from a minimum of $20,000 to a maximum of $100,000. Requests for loan amounts in excess of $100,000 will be negotiated on a case-by-case basis.
Interest Rate.
The interest rate on each loan shall be set at 50 percent of the prime rate or 4 percent, whichever is less.
The interest rate shall be fixed for the term of the RLF loan.
Contact InformationOzaukee County, Wisconsin
Address: 121 W. Main Street
City: Port Washington
State: Wisconsin
Website:
http://www.ozaukeebusiness.org/
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