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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.

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
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.