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 [...]
Tobi LeMahieu, Fund Manager from Regional Business Fund, Inc (RBF) presented her topic, "Development Toolbox 101/Revolving Loan Funds", where attendees learned about the multiple funding options that are available to small businesses throughout the Chippewa Valley. RBF offers low-interest loans to businesses that expand within the region, diversity the economy, add new technology, revitalize buildings in the region's downtown's, create or retain quality jobs and leverage private capital investment in the region. Attendees were also refreshed on the various types of loans which included revolving loan fund, micro loan fund, growth loan fund and facade loan fund. The event was sponsored by both BMO Harris Bank and Martino's Restaurant!