County Economic Development Funds Available

Posted January 9th, 2013 @ 5:25 AM by

$35,000 per job, they have enough money for 20 jobs.

Colleagues,

I hope you are having a great start to 2013! I want to remind you about Dane County’s Revolving Loan Fund (RLF) Programs, the Economic Development Revolving Loan Fund and the Commercial Revitalization Loan Fund, and let you know we have funds available.

I have attached several fact sheets for your convenience. Please feel free to call me if you have questions. And pass on this information to interested businesses and agricultural enterprises in your community.

Dane County RLF Quick Facts:
Loan type: Gap financing (Dane County does not function as the primary lender, but provides gap funding)
Eligible: Businesses, not-for-profit, and municipalities outside the City of Madison
Job creation: 1 job per $35,000 loaned
Minimum loan: $25,000
Maximum: Based on availability

Funds Available
Economic Development Revolving Loan Fund – $485,000
Commercial Revitalization Revolving Loan Fund – $245,000

Info from fact sheet on Dane County Economic Development Revolving Loan Fund:

The Dane County Economic Development Revolving Loan Fund (ED-RLF) provides gap financing to
businesses that create jobs, 51% of which must to go to low and moderate-income persons. The objectives of
the ED-RLF are to:
• Expand or modernize existing or locally owned and managed enterprises.
• Encourage the creation or retention of employment opportunities for low and moderate-income County residents.
• Leverage new private investment in downtown business districts and traditional business districts.
• Assist businesses with high-value added products or services, especially in the agricultural sector.
• Assist Dairy Farmers with capital improvements resulting in an increase in milk production.

Funding Source: Dane County Community Development Block Grant (CDGB) funds.

Qualifying Applicants: For-profit businesses, not for profit organizations and municipalities, outside the City
of Madison. For a complete list of loan application requirements, please go to:

http://www.dane-econdev.org/financing_and_capital.aspx.

Uses of Loans: Acquisition of land, buildings, and fixed equipment, site preparation, clearance of land, rehabilitation of buildings, working capital and public utility assessments (for job creation activities). Loans to assist Dairy producers undertaking capital improvements that will increase milk production.

Loan Size: Minimum loan size is $25,000. Maximum is based on availability of funds.

Loan Maturity: The loan term will be equal to the useful life of the assets financed.

Interest Rates: Two percent above prime. Lower rates can be negotiated based on need.

Loan Fee: One point of total loan amount.

Application Requirements:
• Creation or retention of new jobs for Dane County residents of whom 51% must be LMI.
• Leverage a minimum of one dollar ($1.00) of private funds for every one dollar ($1.00) of loan funds requested.
• Demonstrate that the proposed project is viable and the business will have the economic ability to repay the funds.
• Be completed within 24 months from the date of the loan approval.
• Increase permanent employment or retain existing jobs that would have been lost locally, primarily benefiting low to moderate-income persons.
• At least one full-time equivalent position must be created for every $35,000 of CDBG funds requested.

Selection Process:
• ED-RLF application
• Staff review and underwriting
• ED-RLF Loan Committee review and recommendations
• CDBG Commission, County Board of Supervisors and County Executive

For more information: Olivia Parry, (608)-266-4270, parry@countyofdane.com

Info from the Dane County Commercial Revitalization Loan Fund fact sheet:

The Dane County Commercial Revitalization Loan Fund (CRLF) provides financing to businesses and real estate development projects that help revitalize downtown and commercial districts. The objectives of the CRLF are to:
• Promote infill development and commercial redevelopment in downtown and traditional business districts
• Encourage the creation or retention of employment opportunities for low and moderate-income County residents.
• Leverage new private investment in downtown business districts and traditional business districts.
• Promote developments that are pedestrian friendly, that encourage a range of transportation options, and that enhance civic life.
• Implement Dane County and local community revitalization goals and objectives; and
• Create jobs for low-to moderate income residents of Dane County

Funding Source: Dane County Community Development Block Grant (CDGB) funds

Qualifying Applicants: For-profit businesses, not-for-profit organizations

Uses of Loans: Fixed assets, machinery and equipment, and working capital

Minimum loan size is $25,000. Maximum is based on availability of funds. The loan term will be equal to the useful life of the assets financed Two percent above prime. Lower rates can be negotiated based on need

Loan Fee: One point of total loan amount

Application Requirements:
• Promote infill development and commercial redevelopment in downtown business districts and other traditional commercial districts.
• Leverage a minimum of one dollar ($1.00) of private funds for every one dollar ($1.00) of loan funds requested.
• Demonstrate that the proposed project is viable and the business will have the economic ability to repay the funds.
• Be completed within 24 months from the date of the loan approval.
• Increase permanent employment or retain existing jobs that would have been lost locally, primarily benefiting low to moderate-income persons (51% of jobs created must go to low-to moderate income individuals).
• At least one full-time equivalent position must be created for every $35,000 of CDBG funds requested (documentation will be required).

Selection Process:
• CRLF application
• Staff review.
• CRLF Loan Committee review and recommendations
• County Board of Supervisors, including CDBG Commission.

For more information: Contact Olivia Parry at 608-266-4270, or parry@co.dane.wi.us or visit:
Dane County Economic Development Website


Categories: | Dane | Madison | Media

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