A variety of community loan funds, often referred to Revolving Loan Funds (RLFs), are available to growing businesses with financing needs. These are direct loan programs that partner with the customer’s financial institution to create a financing package that overall offers:
To qualify for an RLF the company typically needs to be creating or retaining jobs in the community or providing some other community benefit. Each RLF has different criteria which can be found below.
Through funding from Racine County, various programs were established with the goal of providing a means for existing small and medium-sized companies to obtain the professional services necessary for a strong foundation and continued business growth as well as to provide jobs for Racine County residents.
The City of Racine is offering various programs designed specifically to assist businesses in partnership with a bank loan. These programs primarily fund real estate projects, furniture, fixtures and equipment purchases and limited working capital needs.
Burlington’s programs were designed specifically to assist businesses in the City of Burlington with the objectives to:
The purpose of this program is to improve businesses and facades, to encourage the creation and retention of permanent jobs, to encourage private investment, to perpetuate a positive and proactive business climate which encourages the retention, expansion and improvement of existing businesses and helps to attract new businesses.
Loan amounts are subject to availability of funds and to the following guidelines. A minimum loan size of $50,000 and a maximum loan size of $250,000 for each borrower. Loan amounts may be higher if the project is determined to be of significant economic impact and is so designated by the Village of Sturtevant.
The purpose of this program is to assist Union Grove businesses negatively impacted by COVID-19 and support business retention until the economy stabilizes.
This program is now available with 0% interest, three-month deferral, and up to $5,000 for businesses in the Village of Union Grove. The structure was intentionally created to provide an expedited application and disbursement process.
The village of Waterford’s loan program is intended to assist businesses during the construction taking place in the Village of Waterford during the 2019 and 2020 time frame. Anticipated areas to include Main Street and State Highways 20, 83 and 36. Other areas affected by the street closure would be considered on a case-by-case basis.