Iron County Wisconsin - It'll Work for You!

Sponsored by

Iron County Wisconsin - "It'll Work for You!"

Northwest Wisconsin Regional Economic Development Fund (NWREDF)

· ELIGIBILITY

· Iron County Revolving Loan Fund is limited to the boundaries of Iron County, Wisconsin.

· The Chief Executive Officer (or designee) of any business wishing to establish a new business or expand an existing business in Iron County may apply.

· Loans shall be available to eligible applicants for the following activities: Acquisition of Land, buildings, and fixed equipment.

· Working capital and inventory.

· Site preparation and construction, reconstruction or installation of buildings and fixed equipment.

· Clearance and demolition, removal or rehabilitation of buildings and improvements.

· Payment of assessments for sewer, water, street and other public utilities if the provision of the facilities will directly create or retain jobs.

· Loans shall not be available for the following activities: Refinancing of existing debt.

· Reimbursement for expenditures made prior to loan approval.

· Land, buildings, or fixed equipment not essential to the business.

· Residential building construction or reconstruction.

· Routine maintenance.

· CONDITIONS

· Loans are subject to availability of Program Funds.

· Loan amounts from $2500 to $100,000 will be considered.

· Interest rate may be fixed or graduated on a fixed schedule.

· In no case shall the interest rate be less than 3 percent or greater than 2 percent above the prime rate as published in the Wall Street Journal at the time the contract is prepared for signature.

· The repayment schedule shall be set up for either monthly or quarterly payments.

· Payment of interest and/or principal may be deferred for up to 2 years if justified in the loan application. Interest shall accrue during the deferment period and shall be added to the principal amount of the loan.

· Working capital shall have a maximum term of 7 years. Other loans shall not exceed the term of private financing, or the life of the asset(s) being financed, and in no case shall they exceed 15 years.

· Reasonable security will be required for 100 percent of the loan.

· Collateral may consist of a first or second lien on all assets to be purchased with loan proceeds, a lien on all other assets owned and used in the business, and personal guarantees of all owners.

· REQUIREMENTS

· Must leverage at least $1.00 of private funds for every $1.00 of loan funds requested.

· At least 1 full-time permanent position created or retained for every $20,000 of land funds requested.

· Must demonstrate that the proposed project is not eligible for financing from any other source on reasonably equivalent terms.

· Must demonstrate that the proposed project is viable and the business will be able to repay the loan.

· At least 70% of the jobs created by the project must benefit low to moderate income persons.

· Application shall comply with all applicable local, state, and federal laws, regulations, and ordinances.

· NOTE: For a complete description of eligibility and all requirements, terms and conditions, see the Iron County Revolving Loan Fund Policies and Procedures Manual.

· The Iron County revolving loan fund serves all of Iron County.

· The Iron County Loan Fund is administered by the Iron County Development Zone Council.

· The Iron County Revolving Loan Fund is another Iron County initiative authorized by the Iron County Board of Supervisors to serve new and expanding businesses in Iron County.....

· To provide gap financing

· To encourage investment

· To encourage creation of permanent, year round jobs.

· To encourage retention and expansion of existing businesses

· To attract new business

· To encourage development of modern industrial technology, and a safe, healthful work environment in Iron County.

· The Iron County revolving Loan Program is being capitalized with repayment of funds from a loan made in 1991 to an Iron County Business, under the Wisconsin Development Fund, administered by the Wisconsin Department of Commerce.

· Development Zoned Coordinator
Iron County Development Zone
100 Cary Road
P.O. Box 97-IN
Hurley, Wisconsin 54534
Phone (715) 561-2922 - Fax (715 ) 561-3103
Email: kelly@ironcountywi.com

Visitors Guide | Business Development/Assistance Information | Home