NORTH CENTRAL WISCONSIN DEVELOPMENT CORPORATION

THE REGIONAL REVOLVING LOAN FUND

Local financial assistance for new and established business in Adams, Forest, Juneau, Langlade, Lincoln, Marathon, Oneida, Portage and Wood Counties

WHAT IS THE REGIONAL REVOLVING LOAN FUND?

The Regional Revolving Loan Fund (RLF) is intended to provide gap financing to qualifying businesses.  A gap can be defined as the difference between what a borrower and private lender have available and what is needed for a project to take place.  Typically, these funds are long-term, have low down payments, and carry lower interest rates than traditional private financing.  RLF's do not compete with banks, but complement them and other programs in a total financial structure.

WHAT ARE THE GOALS OF THE FUND?

Five basic goals have been identified.

These are:

• leverage private investment;
• maintain the region's business competitiveness;
• create and retain private sector jobs;
• provide an accessible source of financing for projects; and
• increase the region's tax base.

WHAT ARE THE LOAN TERMS?

Loan Sizes range from $10,000 to $150,000.

Interest Rates are set within a range of the prime interest rate.

Equity minimum of 10% of new or existing equity is required.

DOES THIS FUND REPLACE THE NEED FOR PRIVATE FUNDING SOURCES?

No.  This economic development tool requires bank participation.  The RLF can at most finance up to 50% of a project. Thus, an applicant must secure 50% from other sources.

Additionally, a business is required to show the inability to obtain total funding from conventional sources.

WHO CAN APPLY FOR THESE FUNDS AND HOW LONG DOES IT TAKE?

Any business in the nine county Region of the North Central Wisconsin that will create jobs is eligible. The application review process takes about 90 days to make funding decisions.

HOW CAN A BUSINESS APPLY FOR THESE FUNDS?

Applications and information can be obtained from:

Telephone at: 715/849-5510

Fax at: 715/849-5110

E-Mail at: dlawrence@ncwrpc.org