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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.

Available Programs

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

  • New or existing businesses
  • For-profit businesses
  • Located along impacted areas within the City of Racine

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.

DOWNLOAD PROGRAM OVERVIEW
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

  • Land and building purchase
  • Construction and renovation
  • Site preparation, demolition and remediation
  • Leasehold improvements
  • Equipment, furniture and fixtures
  • Professional fees
  • Working capital
  • Other purposes as deemed eligible by the RCEDC Loan Advisory Committee and Board

Fees

  • Estimated $1,600 legal fee
  • 1.5% Processing Fee
  • Out-of-pocket Closing Costs
Note: The term of the loan depends upon the items being financed.

Available Funds

  • Grants up to $10,000 per applicant
  • Total funding per project up to $100,000
CONTACT BLP FOR MORE INFORMATION
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

  • Real Estate and Equipment Purchases
  • Others as deemed appropriate by the BLP Loan Committee

Parameters

  • Borrower Equity Requirement: 10% of project cost
  • Loan Amount: Generally up to 33% of the project costs.
  • Community Benefit Required: Job creation typically required

Rates & Terms

  • Below market interest rate
  • Generally 75% of Prime
  • Up to 10-year term
  • Up to 20-year amortization
  • Key man life insurance typically required

Fees

  • Estimated $1,600 legal fee
  • 1.5% processing fee
  • Out-of-pocket closing costs
Note: The term of the loan depends upon the items being financed.
CONTACT BLP FOR MORE INFORMATION
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Uptown BID (Business Improvement District) Grants

Uptown Offers Many Grant Opportunities for New and Existing Businesses. The Uptown Business Improvement District (BID) was created in 2007 for the purpose of encouraging and supporting development within the neighborhood. The BID District runs along the Washington Avenue corridor bounded loosely on the north by Tenth Street, Sixteenth Street on the south, Racine Street on the east and Valley Drive on the west.

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Programs and Downloadable Applications

The intent of this program is to help offset rental costs. Grant recipients must be located within the BID District boundaries and may be characterized, but not limited to, the suggested business types listed below, subject to city zoning.

  • Antique shops
  • Art and Craft Galleries
  • Specialty retailers
  • Taverns / Nightclubs / Microbreweries
  • Food stores / Bakeries
  • Studios / Workshops
  • Restaurants / Coffee
  • Shops Salons / Barber / Beauty
  • Home Furnishings
  • Gift, Novelty, Souvenir Shops

 

Download Application >>>

This grant program was created as an incentive for critical exterior maintenance and repairs of commercial buildings within the Business Improvement District (BID).

 

Download Application >>>

This grant program was created to improve the safety and security of the area through the installation of additional exterior lighting. The BID Board will provide up to $1,000 per building towards the purchase and installation of new exterior lighting.

 

Download Application >>>

The intent of this program is to help offset costs of permitting. Grant recipients must be located within the BID District boundaries and may be characterized, but not limited to, the suggested business types listed below, subject to city zoning.

  • Antique shops
  • Art and Craft Galleries
  • Specialty retailers
  • Taverns / Nightclubs / Microbreweries
  • Food stores / Bakeries
  • Studios / Workshops
  • Restaurants / Coffee Shops
  • Salons / Barber / Beauty
  • Home Furnishings
  • Gift, Novelty, Souvenir Shops

 

Download Application >>>

This grant is designed to help property owners with rehabilitation, repair or replacement of signage. If you have the desire to improve your signage, you may benefit from the help of an architect or design professional. Up to $1,000 per building is available through this grant.

 

Download Application >>>