Northwest Wisconsin Regional Economic Development Fund

Financing

Services: Incentive and Financial Resource Programs

Contact: Richard Roeser, Business Development Specialist

Address: 1400 S River St , Spooner, WI 54801

Phone: 715.635.2197

Email: rroeser@nwrpc.com

Description:

To promote private-sector investment in long-lived assets and to create jobs by addressing capital gaps in market for long-term debt.

Loan Amounts
$50,000.00 maximum; typically $20,000 to $50,000.

Eligible Applicants
Program serves business primarily in timber and wood, manufacturing, and tourism industries in NW Wisconsin. Must create one (1) job for every $5,000 loaned to business.

Allowable Use of Funds
Land, buildings, equipment. No working capital, or refinancing of existing debt.

Term of Loan
Typically based on the life of the asset being purchased; seven (7) year minimum, 20 year maximum.

Interest Rate
Fixed, below market for minimum of five years, then reviewed for possible rate adjustment.

Work jointly with lender and Northwest Wisconsin Business Development Corporation to develop a package. Average turnaround time is two months.

Northwest Wisconsin Regional Economic Development Fund serves the Northland, Duluth MN Superior WI MSA, and Douglas county areas.