Are you finding yourself unable to move forward with a construction or expansion project due to current market conditions and your appraisal comes in to low? Intercity has been able to assist with finding the additional capital, or gap financing available through Central Wisconsin Economic Development’s, (CWED), Revolving Loan Fund. This fund was formerly administered through Marathon County Development Corporation, or more commonly known as McDevco.
CWED offers very attractive rates, currently at 2% for 7 years for equipment purchases and 10 years for most real estate loans. There are some guidelines, as follows, for qualifying:
Eligibility and Guidelines
- McDevco loan funds may be used to finance acquisition of existing business, land, building, and equipment; working capital; or expansion projects.
- The interest rate is below market interest and term of loan is between 5 to 10 years, depending on use of funds.
- A minimum of 50% of the project cost must be funded by a private lender and at least 10% by personal equity.
- One full-time job is to be created for each $20,000 loaned.
- The business shall be obligated to maintain operations within the municipality for the term of the loan.
- Personal guaranties are required.
- Refinancing of existing debt is not eligible.
With these attractive rates and terms, your next project can get off the ground even with these difficult current market conditions. Intercity can help you with the application and loan presentation with McDevco, and will be right by your side through the entire process. Contact me, Sean Strahota, at 715-359-4231.