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 (McDevco).
CWED offers very attractive rates, currently beginning 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
- Loan funds may be used to finance acquisition of existing business, land, building, and equipment; working capital; or expansion projects.
- Businesses must be located in Adams, Marathon, Portage, or Wood County.
- There must be a minimum of one dollar in private funds available for every dollar in CWED loan funds requested, and the applicant must provide personal equity in an amount at least equal to 10% of the total project cost.
- One full-time job is to be created or retained for each $20,000 loaned.
- The business shall be obligated to maintain operations within the municipality for the term of the loan.
- Projects must be completed within 24 months of the date of loan approval.
- 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 CWED Loan review Committee, and will be right by your side through the entire process. Contact me, Sean Strahota, at 715-359-4231.