Racine County Revolving Loan Fund (GRC-RLF)


The Greater Racine County Revolving Loan Fund (GRC-RLF) program was designed specifically to assist existing businesses in Racine County that are affected by the Foxconn development. Additionally, the GRC-RLF is aimed to assist with recruitment of new businesses to Racine County that have a connection to Foxconn or to assist potential suppliers to automate and grow in order to compete for Foxconn business.

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ELIGIBLE BUSINESSES

Industries of focus will include but not be limited to:

  • Agriculture
  • Construction 
  • Manufacturing
  • Professional and Technical Services
  • Transportation and Warehousing 
  • Wholesale Trade
  • Others as deemed appropriate by the BLP Loan Committee

RATES & TERMS

  • Flexible loan terms
  • Attractive interest rates
  • Principal deferrals

FEES

  • Estimated $1,600 legal fee
  • 0.5% processing fee
  • Out-of-pocket closing costs

ELIGIBLE USES OF FUNDS

  • Land and building purchases, construction, renovation and expansion
  • Site preparation and demolition
  • Leasehold improvements
  • Equipment

PROGRAM PARAMETERS

Borrower Equity Requirement: Typically10% of project cost, if appropriate.

Loan Amount: Typically between $50,000 and $250,000

SBA 504

December 2018

25-Year Fixed Rate:

4.990%

20-Year Fixed Rate:

4.926%

10-Year Fixed Rate:

5.590%