Jefferson, Wis., October 28, 2021 – Jefferson County launched the Jefferson County Revolving Loan Fund (JCRLF) program today, a public-private partnership, marking the occasion with a signing ceremony at the Jefferson County Courthouse. The program was created to provide a flexible source of gap financing for businesses expanding or locating in Jefferson County. The program will be administered by Jefferson County.
“The Jefferson County Revolving Loan Fund represents a true public-private partnership, blending resources and commitment from private and public sector organizations to encourage business investment in Jefferson County and our communities,” said Jefferson County Administrator Ben Wehmeier.
The program is funded by Jefferson County and five area lending institutions: Ixonia Bank, Premier Bank, Bank First, Fort Community Credit Union and Avestar Credit Union.
The program is open to eligible businesses in Jefferson County. Applicants must be looking to expand an existing business or establish a new one in the county. Applicants must also provide evidence of other funding for the project and demonstrate that the project is viable. Projects supported by the RLF include:
- Acquisition of land, buildings, and fixed equipment
- Site preparation and the construction or reconstruction of buildings, or the installation of fixed equipment
- Clearance, demolition or removal of structures or the rehabilitation of buildings and other such improvements
- Payment of assessments for sewer, water, street and other public utilities if the provision of the facilities will directly create or retain jobs
- Working capital for inventory and/or direct labor costs
- Purchase of machinery or equipment necessary to increase long-term productivity or efficiency outcomes
- Purchase of hardware, software or services necessary for businesses to enhance their digital presence and/or ability to complete sales utilizing a digital platform
The program can provide gap financing of up to 25% of total project costs, with a cap of $275,000. The minimum loan considered is $25,000.
“The Revolving Loan Fund was created to enable businesses to grow, create jobs and promote the economic vitality of Jefferson County,” noted Vicki Pratt, Executive Director of the Jefferson County Economic Development Consortium and President of Thrive Economic Development. “In a highly competitive marketplace, we want to give Jefferson County businesses the tools and support they need to compete.”
For more information about the program, please visit thriveED.org/jcrlf or call 920-674-8711.
Source: Thrive Economic Development, written by Julie Olver (Marketing Manager – Thrive Economic Development and JCEDC) dated October, 28, 2021