By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
City looking into regional fund
Placeholder Image
MONROE - Members of the city's Revolving Loan Fund Committee will wait for more information and more input from city and state leaders before making a recommendation on joining a proposed regional RLF, according to City Administrator Phil Rath.

The Wisconsin Department of Economic Development has encouraged local RLFs to join forces and resources into regional funds, in an effort to increase economic development.

Representatives from 16 communities with individual RLFs in the southwest region have been meeting for several months to determine how to form the best RLF for them. Rath sits on that committee to represent Monroe.

Rath said there are pros and cons for Monroe to consider in being part of a larger regional fund, but he is stressing the city make its decision in time to be part of the final formation of a corporation.

"A minimum of three (RLF communities) have to decide to form a regional," Rath said Wednesday.

Those choosing to form a regional fund will set up as a non-profit corporation; adopt by-laws, memberships and a guide manual; and hire a fund director, he added.

Representatives from the regional RLF communities have developed a working draft of a manual, which Rath presented to the Monroe Revolving Loan Fund Committee Tuesday.

While the regional fund would require member communities to add their local funds to its pot, Rath said the draft manual does show a path available to them to approve local loans of up to $125,000, if the funds are available. Loan requests for larger amounts would require the approval of the regional board.

Rath said the regional fund would probably eliminate local bank participation and creating job positions, now required with Monroe's RLF loan requests.

The regional RLF committee will meet in mid-March, Rath said. Until then, state economic development leaders are expected to discuss with the city the different funds that other regions in the state have been designed.