Florence County Offers Two Business Loan Programs
March 12, 2015
Current Florence County business owners and new entrepreneurs can make use of two loan programs administered by Florence County Economic Development Commission (FCEDC) to help start or grow a business. The Gemstar Micro Loan program can loan $1,000 up to $10,000 at 3% interest for a 5 year term to purchase equipment, inventory or other needs to grow a business. This program started in 2011 in partnership with Marinette County Association of Business & Industry and Northeast Wisconsin Technical College via funding from a USDA Rural Development grant.
The RLF Loan Program can lend from $10,000 up to $100,000 at 4% interest for terms varying from 7 years for inventory, 10 years for equipment and up to 12 years for real estate. Loan size is based on creating or retaining 1 job for every $20,000 loaned out. The RLF loan request must be matched by equal private money or a commercial bank loan.
Applicants for both programs must submit a business plan along with the application. FCEDC provides the service of professional business counselors to help you write a business plan for free. These resource people have also been used by business owners to improve various aspects of their business such as cash flow, accounting practices, yield improvements, energy efficiency, marketing message and customer service. Please let us know what help you need and we will find the right resource person to confidentially help you.
These loan programs are intended to be the extra money to help your project happen. If you have questions, please call FCEDC Director Wendy Gehlhoff at 715-528-3294. To view a brochure about each loan program or download the application, visit www.ExploreFlorenceCounty.com and click on the economic development tab then click on the business resources tab and scroll down to the Money for your Business section.
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