Hartford Area Development Corp.
Werner X. Wolpert, executive director
935 W. State St.
Hartford 53027
Telephone: 262-673-7009
Fax: 262-673-4651
E-mail: wxw@hadc.org
www.hadc.org
Through the Hartford Area Development Corp.’s revolving loan fund, business owners may borrow up to $75,000 can be to buy land, construct buildings or purchase capital equipment.
Milwaukee Economic Development Corp.
Geoffrey Hurtado, president
Post Office Box 324
Milwaukee 53201
(809 North Broadway)
Telephone: 414-286-5840
Fax: 414-286-5778
E-mail: ghurta@ci.mil.wi.us
www.medconline.com
The Milwaukee Economic Development Corp. offers several lending programs, a including second mortgage loan programs, loans for minority-owned businesses, accelerated financing, SBA 504 loan program, capital access program and industrial revenue bonds. As part of the second mortgage program, MEDC will finance 25 to 40% of the project. A minimum of 50% of the project must be financed by a private lender with a minimum 10% equity injection from the borrower. The SBA 504 loan program is limited to $1,300,000 or 40% of the fixed asset project cost. Businesses located in Milwaukee, Waukesha, Washington, and Ozaukee counties are eligible.
MEDC loan programs require a minimum of 10% down although a business startup may be required to make a larger down payment. Loan terms are generally set at the useful life of the asset being financed, and MEDC will usually match the term and amortization of the participating lender. Fifteen years is typical for real estate, while five to seven years is the usual amortization term for machinery and equipment. MEDC loans will require collateral. MEDC will negotiate with the private lender and may take a subordinated position to reduce the risk to the private lender. Non-project collateral and personal guarantees of the principals may be required.
Ozaukee County Economic Development Corp.
Paul Roback
Post Office Box 994
Port Washington 53074
(121 W. Main Street)
Telephone: 262-284-8288
Fax: 262-284-8100
Ozaukee County offers a revolving loan program administered by the Southeast Wisconsin Regional Planning Commission. Loans range from $20,000 to $100,000 for projects which create and retain at least one new job per every $20,000 loaned. Also, 51% of total jobs must be made available to low and moderate-income workers. At least equal the loan amount must be funded through the private sector.
Racine County Economic Development Corp.
Gordon Kacala, executive director
4701 Washington Ave., Suite 215
Racine 53406
Telephone: 262-638-0234
Fax: 262-638-0250
E-mail: rcedc@execpc.com
www.racinecounty.com/racine/rcedc/rcedchome.htm
Racine County Economic Development Corporation offers low interest, second mortgage financing generally with a 10 percent equity requirement. This financing is offered through a variety of programs, including the U.S. Small Business Administration and several local revolving loan funds that are available in Burlington, Racine and Union Grove, as well as Racine County. Loans may be used to finance land acquisition, buildings and fixed assets, as well as building construction, renovation, improvements and site preparation.
Sheboygan Redevelopment Authority
Department of City Development
828 Center Ave.
Sheboygan 53081-4495
Telephone: 920-459-3317
Fax: 920-459-3967
The Economic Development Loan
Program offers loans to cover up to 25% of a project’s cost. Projects must create and retain jobs for low to moderate-income workers.
U.S. Small Business Administration Milwaukee office:
Eric Ness, district director
310 W. Wisconsin Ave., Suite 400
Milwaukee 53203
Phone 414-297-3941
Fax 414297-1377 or
414-297-3928
TDD 414-297-1095
www.sba.gov
SBA loan programs include 7(a), LowDoc and 504 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 generally $1 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.
LowDoc: The maximum LowDoc loan is $150,000 with a maximum SBA guarantee of 85 percent.
504: The maximum SBA coverage is $1,000,000 for meeting job creation
criteria or a community development goal. Generally, a business must create or retain one job for every $35,000 provided by the SBA. The maximum SBA coverage is $1.3 million for meeting a public policy goal, such as business district revitalization, expansion of exports, expansion of minority business development or rural development.
Washington County Economic Development
Marcia K. Theusch, director
333 E. Washington St., Suite 3500
West Bend 53095
Telephone: 262-335-4777;
TDD: 414-335-4786
Fax: 262-335-4631
E-mail address: econdev@co.washington.wi.us
www.co.washington.wi.us
Washington County offers a revolving loan fund for manufacturing or related businesses expanding or locating in Washington County. Loan amounts of $20,000 to $100,000 are available
and must be matched with private funds. Fixed, below market interest rates are offered.
Waukesha County Economic Development Corp.
Bill Mitchell, president
892 Main St.
Pewaukee 53072
Telephone: 262-695-7900
Fax: 262-695-7902
E-mail address: wcedc@wauknet.com
www.wauknet.com/wcedc/
WCEDC’s revolving loan fund program provides gap financing for fixed asset and working capital loans that do not exceed 33% of the total cost project. The approval process considers applications which best represent job creation or retention, workforce development that emphasizes child care, transportation and affordable housing, and net economic gain to the county and local communities through tax base enhancement.
City of Wauwatosa
Wauwatosa Revolving Loan Fund
Ron Brier, director
7725 W. North Ave.
Wauwatosa 53213
414-479-8962
A maximum of $50,000 may be borrowed for land and building acquisition, construction, remodeling, expansion, machinery and equipment purchases and lease hold improvements. Businesses must be located in Wauwatosa. Applications are subject to a $100 nonrefundable application fee.
City of West Allis Department of Development
Jim Herbst, manager, Economic Development Division
7525 West Greenfield Ave,
West Allis 53214-4688
Telephone: 414-302-8463
Fax: 414-256-8218
www.ci.west-allis.wi.us/business_info/business_info.html
Project must result in new job creations, especially job opportunities for workers from low-to-moderate income families. Borrower must guarantee that at least one new job will be created for every $10,000 the city lends. At least 51% 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%. Loans range from $10,000 to $150,000. The repayment term is matched to company’s debt service capacity with a maximum of 20 years. Average processing time is 60 days.
Wisconsin Department of Commerce
Colleen Holtan, director, Office of Loan and Grant Administration
201 W. Washington Ave.
Madison 53717
Telephone: 608-266-1018
www.commerce.state.wi.us
The state Department of Commerce offers various opportunities for business financing, including community development block grants, labor training grants, economic diversification and economic impact loans, industrial revenue bonds and technology development loans.
