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The information provided by these calculators is for illustrative purposes only and accuracy is not guaranteed. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a BLP financial professional prior to relying on the results.

This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. This calculator does not calculate the Annual Percentage Rate or Average Prime Offer Rates. BLP does not guarantee any of the information obtained by this calculator.

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City of Racine

City of Racine funds

The City of Racine is offering various programs designed specifically to assist businesses, located in the City of Racine, in partnership with a bank loan. These programs primarily fund real estate projects, furniture, fixtures and equipment purchases and other uses as deemed appropriate by the BLP Loan Advisory Committee.

City of Racine Road Construction Loan Program

This program is intended to assist businesses affected by the construction taking place in the City of Racine.

 

Applicants may qualify for up to $5,000 for each business affected by the 2021 road construction.

 

This loan program is made available through our partnership and funding by the following companies and financial institutions:

 

  • BMO Harris Bank
  • Johnson Financial Group
  • JP Morgan Chase Bank
  • RCEDC
  • S.C. Johnson
  • Tri City National Bank
  • US Bank
  • Wells Fargo

ELIGIBILITY

The targeted area includes those businesses located on or near Washington Ave. between Roosevelt Ave. and West Blvd. However, other areas in the City will be considered if the business is being impacted by road construction.

city of racine construction

Rates & Terms

Loans are intended to provide working capital

  • 0% interest until December 31, 2020
  • Up to $5,000 per calendar year (total $10,000)
 

After December 31, 2021, loans will be converted to four-year term loans with the following terms:

  • 3.5% interest rate
  • 0.5% servicing fee

how to apply

Contact BLP’s Akayna Morrison at:

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SEED Capital Fund

The Seed Capital Program was funded through a partnership between the Wisconsin Economic Development Corporation (WEDC) and the City of Racine. The fund makes grants, loans and equity investments into innovation based, start-up and early stage businesses that are located or will be located in the City of Racine.

Eligible Use of Funds

Fees

Note: The term of the loan depends upon the items being financed.

Available Funds

Ineligible businesses include those whose primary market is direct consumer purchased retail, restaurant or hospitality industry sectors.

City of Racine Fund

This program was designed specifically to assist businesses in the City of Racine by offering an RLF loan in partnership with a bank loan. The program primarily finances real estate projects in the City of Racine to facilitate job growth.

ELIGIBLE Project Costs

Parameters

Rates & Terms

Fees

Note: The term of the loan depends upon the items being financed.
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