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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.

CONTACT US
1-262-898-7420 info@BLP504.org  
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Racine County

Racine County funds

Business Lending Partner offers Racine County businesses many established programs to help obtain the funding they need to develop and benefit the community.  

Available Programs

zero loan program

The U.S. Economic Development Administration (EDA) entrusted RCEDC to provide financing for Racine County small businesses affected by COVID-19. The goal of this program is to keep workers employed, stabilize businesses, and strengthen our economy. Through this program RCEDC provides essential financing for businesses to continue investing, and creating/retaining jobs, in Racine County.

 

Business Lending Partners (BLP) provides up-front eligibility screening services to determine if a small business meets the general criteria to qualify for a loan.

CONTACT BLP FOR MORE INFORMATION
  • ZERO INTEREST RATE FOR UP TO 2 YEARS
  • ZERO PROCESSING AND CLOSING FEES
  • ZERO PAYMENTS FOR UP TO 18 MONTHS

LOAN TERMS AND ELIGIBILITY

  • WORKING CAPITAL - UP TO 7 YEARS
  • EQUIPMENT - UP TO 10 YEARS
  • REAL ESTATE - UP TO 25 YEARS
  • DEMONSTRATE BENEFIT TO COMMUNITY
  • DEMONSTRATE IMPACT FROM COVID-19

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.
CONTACT BLP FOR MORE INFORMATION

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.

Parameters

  • $5000 annual limit for a business and any of its affiliates
  • Limited to a total of 3 times receiving grant per business and its affliates
  • - Up to 50% on 1st and 2nd times receiving grant
  • - Up to 25% on 3rd time receiving grant
  • - Starting 2021, past recipients have two more times remaining
  • Funds can be used for training programs
DOWLOAD W-9
DOWNLOAD APPLICATION
Download W-9
RECENT RECIPIENTS OF MGP

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?
CONTACT BLP FOR MORE INFORMATION

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 include but are not 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.
CONTACT BLP FOR MORE INFORMATION

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, U.S.  Bank and Wells Fargo Bank.

Eligible Project Costs

  • Land and building purchases
  • Building construction or renovations
  • Equipment, furniture and fixtures purchases
  • Limited working capital
CONTACT BLP FOR MORE INFORMATION

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.