Platteville — The United States Economic Development Administration (EDA) has just awarded the Southwestern Wisconsin Regional Planning Commission an $800,000 grant to match $200,000 of locally raised money to fund a new revolving loan fund. The $200,000 locally raised money was supplied by contributions from:
● Alliant Energy
● Benton State Bank
● Clare Bank
● Community First Bank
● Compeer Financial
● Dupaco Credit Union
● Farmers Savings Bank
● MidWestOne Bank
● Mound City Bank
● Peoples State Bank
● Prosperity Southwest
● Sugar River Bank/Bank of New Glarus
● WCCU
● Wisconsin Bank and Trust
● Southwestern Wisconsin Regional Planning Commission
With the addition of the recent EDA grant money and the local match money to its existing fund, the Southwestern Wisconsin Business Regional Planning Commission Revolving Loan Fund now manages $1,670,275 in local business loan funds.
“We began our gap funding program in 1995 and have grown this fund by $1.5 million in the last two years,” said Troy Maggied, Executive Director of the Southwestern Wisconsin Regional Planning Commission. “Our success in getting this money out working in the community has been recognized by the EDA and we are thankful to the EDA for their trust in us and to our local partners for helping us further develop this important tool for local economic development.”
SWWBDF has nine loans currently working in the community totaling $512,559 and there is $1,157,715 available to lend to existing and startup businesses in Grant, Green, Iowa, Lafayette, and Richland counties. Funds can be used for fixed assets or working capital and can be used for a wide range of businesses including manufacturing, food businesses, childcare, and retail. These loans provide gap funding to supplement, but not replace, commercial lending in the region. Projects rejected by commercial lending can also be considered. Educational programs about our loan programs are available to banks, local chambers, and other interested parties.
More information can be found on the Southwestern Wisconsin Regional Planning Commission website swwrpc.org or https://bit.ly/swwbdf. Program details and applications are available on the website and additional questions can be directed to Tasha Blindert at t.blindert@swwrpc.org or by calling (608) 342-6065.
