The Fund is managed by
the Burnett County Industrial Development Agency
Contact: John Strochine
at NWRPC (715) 635-2197, jstroschine@nwrpc.com
- Finance/interest
rate: Varies with the prime rate and project risk.
- Amount of Loan Fund
Available: $275,000
- Loan maximum:
$75,000
- Fees: Borrower
pays loan document filing fees
- Needed collateral:
--- Usually a 1st position on asset financed. May take a subordinate position
if needed. Personal Guaranties of owners.
- Eligibility requirements:
- Minimum of one dollar
of private funds leveraged for every one dollar of program funds. 10% minimum
equity.
- Creation/retention
of one full-time position for every $10,000 of program funds requested.
- At least 51% of job
positions created or retained must be made available to low-and moderate-income
persons.
- The applicant must
demonstrate that the project is viable and that the business has the ability
to repay the loan.
- Applicants must comply
with all local, sate and federal laws & codes.
- Project must be completed
within 24 months.
- What can the funds
be used for?
- Acquisition of land,
buildings, fixed equipment.
- Site preparation,
construction or remodeling of buildings, and installation of fixed assets.
- Clearance, demolition,
removal of buildings and improvements.
- Payment of assessments
for public utilities if the provision of the facilities will directly create/retain
jobs.
- Working Capital (inventory
& direct labor costs).