$500,000 in New Revolving Loan Funds Coming to the Region
Low Interest Loans Available for Local Businesses
July 16, 2020
The Southwestern Wisconsin Business Development Fund already has $230,000 in funds and is about to get a cash influx of another $500,000 which will help new and existing businesses and non-profits open up or expand. Loan payback terms are flexible and the interest rates will be 2% on average. These funds can help new and existing businesses buy new equipment or help fund ongoing operations.
Over the years, the SWWBDF has loaned out nearly $900,000 in low interest loans to more than a dozen businesses across Grant, Green, Iowa and Lafayette counties. The funds are also available to businesses in Richland County. This funding has helped make $18,232,424 in local projects get started and those projects bring in $1,010,136 in local taxes annually.
From now until April 2021, no accompanying commercial loan will be required and repayment can be deferred until May 2021. The federally sponsored money is focused on job retention and expansion, so $40,000 can be loaned out for every job retained or created.
If you are looking for funding as you work to start or grow your business, visit https://www.swwrpc.org/services/economic-development/Regional-Revolving-Loan-Fund to see if you qualify. The pre-application is a single page of information making it very easy to get started.
If you have questions regarding the program contact Kate Koziol, Economic Development Specialist, at firstname.lastname@example.org or call (608) 342-1751.