The Economic Development Administration (EDA) has awarded the West Central Wisconsin Regional Planning Commission (WCWRPC) $500,000 to capitalize a new EDA CARES Act Recovery Assistance Revolving Loan Fund.

Applications will be accepted on a first-come, first-serve basis until funds are diminished. Any business in the seven county region (Barron, Chippewa, Clark, Dunn, Eau Claire, Polk, and St. Croix) meeting the below eligibility requirements will be eligible to apply (City of Eau Claire included). Highlights of the new program are:

  • Loans will be limited to small businesses with 10 full-time equivalent (FTE) employees or less
  • Loans will be limited to certain industry sectors believed to be most affected by the COVID-19 pandemic:
    • Manufacturing (NAICS 31-33)
    • Retail Trade (NAICS 44-45)
    • Health Care and Social Assistance (NAICS 62)
    • Arts, entertainment and recreation (NAICS 71)
    • Accommodation and food services (NAICS 72)
    • Other services (NAICS 81)
  • Use of loan funds is for working capital
  • Minimum loan size of $5,000 and maximum loan size of $10,000
  • Term of 7 years
  • Option of 12-month payment deferral or interest-only period
  • Interest rate will be 1% for the first two years, and then will increase to 2% in subsequent years
  • No prepayment penalty
  • Matching funds/other financing is not required
  • Can be utilized in conjunction with any other loan or grant program

To learn more about this loan click: Here