West Central Regional Planning Commission Offering Microloans for Flooding Recovery
Thursday, April 4th, 2019 -- 12:48 PM
-West Central Wisconsin Regional Planning Commission is the regional administrator of the Wisconsin Economic Development Corporation’s Disaster Recovery Microloan Program.The Disaster Recovery Microloan Program works to provide short-term financial assistance to businesses affected by a natural or manmade disaster event. They are now offering the microloans to business affected by this spring’s flooding. To be eligible, a business must be located within the seven-county region that includes Barron, Chippewa, Clark, Dunn, Eau Claire, Polk, and St. Croix counties; have suffered measurable physical or economic losses because of a disaster event; and attest to intent to resume business operations in the community as quickly as possible. Eligible activities include procurement of cleanup and restoration services; operating expenses such as payroll, but taxes, fines and fees are not eligible; rent/mortgage for temporary space; and repair and reconstruction and eligible uses could include architecture & engineering costs as well as equipment/furniture/fixtures.
The finance terms and conditions include loan size up to $15,000; 0% fixed interest rate; loan term is 24 months, payment deferral required for 6 months; payments to be made over the remaining 18 months following the deferral period; collateral is required; unlimited personal guarantees are required for any owner with a 20% or greater ownership interest in the business; and all customary out-of-pocket fees made in connection with the transaction are the applicant’s responsibility. To apply, submit an application to the West Central Wisconsin Regional Planning Commission. You can contact them at 715-836-2918 for more information.
Feel free to contact us with questions and/or comments.