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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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Racine County

Racine County funds

Through funding from the County of Racine, 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 for continued business growth and to provide jobs for Racine County residents.

Economic Development Admin. (EDA) Fund

This program was designed specifically to assist businesses in Racine County by offering a revolving loan fund in partnership with a bank loan. The program primarily finances real estate projects, equipment purchases and limited working capital needs. The fund offers a below market interest rate, generally 75% of Prime. Its participation cannot exceed either $200,000 or 33% of the total eligible project costs.

Parameters

  • Borrower Equity Requirement: 10% of project cost.
  • Loan Amount: Generally up to 33% of the project costs.
  • Community Benefit Required: Job creation,woman or ethnic minority owned business, etc.

Fees

  • Estimated $1,600 legal fee
  • 1.5% processing fee
  • Out-of-pocket closing costs​

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

Matching Grant Program (MGP) Fund

GRANT REIMBURSES UP TO 50% OF ELIGIBLE COST
UP TO $5,000 PER APPLICANT

Through funding from the County of Racine, a Matching Grant Program (MGP) was 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 for continued business growth and to provide jobs for Racine County residents.

bon voyage ribbon cutting

Step #1: All of the following must apply

  • Are you a for-profit Racine County company?
  • Operating for more than 1 year?
  • Have less than 200 employees in Racine County?
  • Grossed less than $25 Million in US sales last year?
  • Working with a Partner Organization (see below)?
Partner Organizations:
  • RCEDC (Racine County Economic Development Corporation)
  • Gateway Technical College
  • RAMAC (Racine Area Manufacturing and Commerce)
  • Eligible Independent Consultant
  • WWBIC (Wisconsin Women’s Business Initiative Corporation)
  • SBDC (Small Business Development Center)

Step #2: One of the following must apply

  • Are you a manufacturing company?
  • Are you an ethnic-minority owned company?
  • Are you a veteran owned company?
  • Are you a woman-owned company?
  • Were you recruited by RCEDC with the intent to establish manufacturing operations in Racine County?

Greater Racine County (GRC) Fund

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.

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

  • Loan Amount: Typically between $50,000 and $250,000
  • Flexible loan terms
  • Attractive interest rates
  • Principal deferrals

Fees

  • Estimated $1,600 legal fee
  • 1.5% processing fee
  • 0.5% monthly servicing fees
  • Out-of-pocket closing costs

Eligible Use of Funds

  • Land and building purchases
  • Construction
  • Renovation and expansion
  • Site preparation and demolition
  • Leasehold improvements
  • Equipment
  • Borrower Equity Requirement: Typically 10% of project cost, if appropriate
Note: The term of the loan depends upon the items being financed.

Racine Development Group (RDG) Fund

The Racine Development Group (RDG) created a loan fund to promote business development and real estate projects in Racine County, with emphasis on low- and moderate- income neighborhoods. Contributing members include Chase Bank, Johnson Bank, BMO Harris Bank, RCEDC, S.C. Johnson, Tri City National Bank, US Bank and Wells Fargo Bank

Eligible Project Costs

  • Land and building purchases
  • Building construction or renovations
  • Equipment, furniture and fixtures purchases
  • Limited working capital

Parameters

  • Borrower Equity Requirement: 10% of project cost
  • Community Benefit Required: Job creation typically required or other positive community impact.

Fees

  • Estimated $1,600 legal fee
  • 1.5% processing fee
  • 0.5% monthly servicing fees
  • Out-of-pocket closing costs

Rates & Terms

  • Below market interest rate
  • Up to 5-year term
  • Up to 20-year amortization
  • Key man life insurance typically required
Note: The term of the loan depends upon the items being financed.