Areas Served: Washington County
The EDWC RLF is available to existing Washington County, Wisconsin business and to firms relocating to the county.
Loans up to $100,000 and very low rates are available ELIGIBLE ACTIVITIES: – The acquisition of land, buildings, and/or fixed equipment.
- Site preparation, the construction and/or reconstruction of build-ings, the rehabilitation of buildings including leasehold im-provements, and/or the installation of fixed equipment.
- Clearance, demolition, and/or the removal of structures.
- Working capital.
- Buyouts by purchase of assets or stock.
MINIMUM REQUIREMENTS: To be eligible for funding, a proposed project shall meet all of the following minimum requirements: – 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 in-jected into the business as a part of the expansion project.
Cost Per Job
A minimum of one full-time equivalent (FTE) job shall be created or retained for each $20,000 of RLF funds requested.
The applicant shall demonstrate that the proposed project is viable and that the business has the economic ability to repay the funds.
Low-and Moderate-Income (LMI) Benefit
At least 51 percent of the jobs created or retained shall be made available persons who reside in low-and moderate-income households.
Compliance with Applicable Laws.
Applicants shall comply with all applicable local, State and Federal laws and codes.
Project Completion
All projects shall be completed, all funds expended, and all jobs created and/or retained within 24 months from the date of the RLF loan approval.
All jobs shall be maintained for a minimum of 12 months.
TERMS AND CONDITIONS: Loan terms and conditions shall be structured on the basis of need and ability to repay.
Minimum standards include the following: – 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 determined on a case-by-case basis by the Revolving Loan Fund Committee, and shall range from a minimum of 4 percent to a maximum of the prime rate of interest as published in the Midwest Edition of the Wall Street Journal.
The interest rate shall be fixed for the term of the RLF loan.
Loan Term
Standard terms for RLF loans shall be as follows: a) machinery, equipment, and fixtures 5 to 10 years; b) buildings and land 5 to 12 years; and c) working capital 2 to 7 years.
Contact Information
Washington County, Wisconsin
Address: 2151 North Main Street
City: West Bend
State: Wisconsin
Website:
https://www.businessreadywi.org/
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