Economic Development/Washington County
2151 N. Main St.
West Bend, WI 53090-1598
262-335-5769
262-335-5897 (fax)
Economic Development/Washington County (EDWC) is a non-profit corporation made up of community partners set up to improve the business climate of Washington County.
EDWC seeks to improve and enhance the economic vitality of the entire community by:
• Serving as the central voice on economic development issues.
• Retaining the area’s current manufacturing and commerce sectors.
• Attracting and creating new family-supporting jobs.
• Supporting quality of life issues.
• Reviewing requests for funding through Washington County’s Revolving Loan Fund Program.
• Linking to available land and buildings.
• Working with our regional partners, such as Milwaukee 7 and Forward Wisconsin.
The goals of EDWC are fourfold:
• Retain and attract businesses.
• Maintain workforce quality and availability.
• Encourage start-up businesses and entrepreneurship.
• Serve as central resource for recruitment and placement of businesses.
Additional information can be accessed from our web site: www.businessreadywi.org
To contact us, email EDWC at info@businessreadywi.org.
Hartford Area
Development Corp.
935 W. State St.
Hartford, WI 53027
262-673-7009
262-673-4651 (fax)
www.hadc.org
Werner X. Wolpert, executive director, wxw@hadc.org
The HADC has a revolving loan fund for start-up companies in its business incubator, the Innovation Center of Hartford. Up to $75,000 may be borrowed for capital equipment purposes. Land purchases in the industrial parks of the city can be financed over a four year period interest free. The city of Hartford and Washington County can each provide revolving loan funds of $200,000 maximum in participation with prime lenders. Local banking institutions are active in SBA type financing. The city of Hartford will also sponsor industrial revenue and/or redevelopment bonds on a total project basis to finance land acquisition, plant construction and equipment purchases.
Milwaukee Economic Development Corp.
809 N. Broadway , P.O. Box 324
Milwaukee, WI 53201-0324
414-286-5840
414-286-5778 (fax)
www.medconline.com
Patrick Walsh, president
Milwaukee Economic Development Corp. (MEDC) offers financing programs for business in partnership with the private banking community. MEDC will finance 25-40 percent of the total project cost, with a participating lender financing a minimum of 50 percent and a minimum of 10 percent equity from the borrower. Loan terms are generally set at the useful life of the asset being financed and the MEDC will usually match the term and amortization of the participating lender. Twenty years is typical for real estate, while five to seven years is the usual amortization term for machinery and equipment. MEDC’s mortgage/lien may take a subordinated position behind the bank’s loan for the project. A larger down payment or extra collateral is requested in cases of start-up businesses, special-purpose real estate or collateral shortfalls.
Another financing option is the U.S. Small Business Administration 504 Program. It is a government sponsored debenture program that offers attractive terms and rates through government-guaranteed bonds. The 504 Debenture is limited to $1.5 million (up to $2 million in certain cases/ manufacturers are eligible for $4 million) or up to 40 percent of the fixed asset project cost, whichever is less. Businesses located in Milwaukee, Waukesha, Washington and Ozaukee counties are eligible.
Ozaukee County Economic Development Corp.
PO Box 473
Grafton, WI 53024
www.ozaukeebusiness.org
Racine County Economic Development Corp.
2320 Renaissance Blvd.
Sturtevant, WI 53177
262-898-7400
262-898-7401 (fax)
www.racinecountyedc.org
Contact: Christine Henning, (262) 898-7432, chenning@racinecountyedc.org
The Racine County Economic Development Corporation is the lead agency for economic development assistance in Racine County, including: Racine County marketing services; long-term fixed rate financing for business expansions and new locations; inventories of available land and buildings; technology and innovation services through CATI; small business development through the UW-Parkside SBDC; and workforce development through the Racine County Workforce Development Center.
Sheboygan Redevelopment Authority Department of City Planning and Development
807 Center Ave.
Sheboygan, WI 53081
920-459-3377
920-459-3919 (fax)
Economic Development Loan Program
Program offers loans to cover up to 25
percent of a project’s cost. Projects must create and retain jobs for low to moderate income workers.
U.S. Small Business Administration, Milwaukee office
310 W. Wisconsin Ave., Suite 400
Milwaukee, WI 53203
414-297-3941
414-297-1377 (fax)
www.sba.gov
Eric Ness, district director
SBA loan programs include 7(a), 504 and Express loans.
7(a): A maximum loan amount of $2 million has been established for 7(a) loans. However, the maximum dollar amount the SBA can guarantee is $1.5 million. Small loans carry a maximum guaranty of 85 percent. Loans are considered small if the gross loan amount is $150,000 or less. For loans greater than $150,000, the maximum guarantee is 75 percent.
504: The maximum coverage is $1.5 million for regular loans, $2 million for public policy loans and $4 million for small manufacturing loans.
Express: Encourages lenders to make more small loans to small businesses. Participating lenders use mostly their own documentation and procedures to approve, service and liquidate loans up to $350,000. In return, the SBA guarantees up to 50 percent of each loan. Variations of the Express program include Community Express and Patriot Express.
Waukesha County Economic Development Corp.
892 Main St., Suite D
Pewaukee, WI 53072
262-695-7900
262-695-7902 (fax)
www.understandingbusiness.org
Bill Mitchell, executive director
WCEDC’s revolving loan fund program provides gap financing for fixed asset loans that do not exceed 33 percent of the total cost project. The approval process considers applications which best represent job creation or retention and net economic gain to county and local communities through tax base enhancement. Loans range from $25,000 – $200,000, with equity requirements of at least 10 percent with 30-day loan committee review upon receipt of necessary documentation.
Wauwatosa Economic Development Corp.
1414 Underwood Ave. Suite 402
Wauwatosa, WI 53213
414-259-9915
414-259-9920 (fax)
www.wedc.net
Gloria Stearns, executive director
wedc@wedc.net
WEDC works with businesses interested in locating or expanding within the City of Wauwatosa by assisting with available commercial space searches, providing advice regarding the City of Wauwatosa’s permit and approval process, referencing available business planning assistance, and providing financial assistance when appropriate. WEDC receives most of its funding from the City of Wauwatosa, with additional financial support provided through generous contributions made by Milwaukee-area businesses. WEDC also utilizes federal Community Development Block Grants (CDBG) for specific projects. As a non-profit community-building organization, WEDC provides most basic advice and services free of charge.
Wauwatosa Revolving Loan Fund Comptroller’s Office, City of Wauwatosa
7725 W. North Ave.
Wauwatosa, WI 53213.
www.wauwatosa.net
414-479-8922
Ron Braier, finance director
A maximum of $100,000 may be borrowed for land and building acquisition, construction, remodeling, expansion, machinery and equipment purchases and leasehold improvements. Businesses must be located in Wauwatosa. Applications are subject to a $100 non-refundable application fee and can be downloaded from the web site.
City of West Allis Department of Development
7525 W. Greenfield Ave.
West Allis, WI 53214
414-302-8468
414-302-8401 (fax)
www.ci.west-allis.wi.us
Patrick Shloss, community development director, pschloss@ci.west-allis.wi.us
Project must result in new job creations, especially job opportunities for workers from low to moderate income families. Borrowers must guarantee that at least one new job will be created for every $10,000 the city lends. At least 51 percent of these new jobs must be filled by a worker from a low to moderate income household. Loan terms are negotiable, based upon the company’s cash flow. Loans may be used for acquisition of property and equipment, new construction or rehabilitation of existing facilities. Lender participation must be at least 67 percent. Loans range from $10,000 to $150,000. The repayment term is matched to the company’s debt service capacity with a maximum of 20 years. Average processing time is 60 days.
Wisconsin Department of Commerce
201 W. Washington Ave.
Madison, WI 53703
800-HELP-BUSiness
www.commerce.wi.gov
The state Department of Commerce offers various opportunities for business financing, including community development block grants, labor training grants, income tax credits, industrial revenue bonds and technology commercialization grants and loans.
