MONROE - A small start-up business is a step closer to receiving a loan from the Green County Revolving Loan Fund.
Chuck Vierthaler told the Green County Revolving Loan Fund committee on Monday that he wants to borrow $7,500 to help with startup costs for his new business, "Grooming: Good for Dogs."
The GCRLF Committee on Monday recommended a $7,500 loan for the applicant, which is a direct loan without bank participation, at 3 percent interest over three years.
If the Vierthaler loan wins final approval, the owner told officials that he plans to update his septic system. The Department of Commerce reportedly told Vierthaler that he must improve the system prior to proceeding with his business plans.
Vierthaler said he has already spent about $36,000 on other projects related to the startup, including having the system drained and inspected.
"It's been expensive," Vierthaler said.
The Green County Revolving Loan Fund has four separate steps in its review process: a preliminary review of the application by Green County Development Corporation, the program's administrator; a business-plan review by the Small Business Development Center, to determine if the project is feasible; review by Green County Revolving Loan Fund Committee; and finally, formal approval by the Green County Finance Committee.
Through its revolving loan program, the county has active loans for Orchid, Williams, Valley Mead Farms, Fairplay Packaging, LLC, and Hickory Daniels.
In the past, loans also were given to New Glarus Brewing and Risley Pellet Solutions.
The next step for the Virethaler loan is review by the finance committee June 7.
Anna Schramke, executive director of Green County Development Corporation, said she wants such smaller loans in the future to come from a proposed Green County Microenterprise Revolving Loan Fund. Small businesses need help in the current economy, she added.
"These are people right now who don't have any money," Schramke said.
Schramke hopes to have the new microloan program approved by the Green County Board of Supervisors, but said that Vierthaler's loan would not be affected by their decision.
Chuck Vierthaler told the Green County Revolving Loan Fund committee on Monday that he wants to borrow $7,500 to help with startup costs for his new business, "Grooming: Good for Dogs."
The GCRLF Committee on Monday recommended a $7,500 loan for the applicant, which is a direct loan without bank participation, at 3 percent interest over three years.
If the Vierthaler loan wins final approval, the owner told officials that he plans to update his septic system. The Department of Commerce reportedly told Vierthaler that he must improve the system prior to proceeding with his business plans.
Vierthaler said he has already spent about $36,000 on other projects related to the startup, including having the system drained and inspected.
"It's been expensive," Vierthaler said.
The Green County Revolving Loan Fund has four separate steps in its review process: a preliminary review of the application by Green County Development Corporation, the program's administrator; a business-plan review by the Small Business Development Center, to determine if the project is feasible; review by Green County Revolving Loan Fund Committee; and finally, formal approval by the Green County Finance Committee.
Through its revolving loan program, the county has active loans for Orchid, Williams, Valley Mead Farms, Fairplay Packaging, LLC, and Hickory Daniels.
In the past, loans also were given to New Glarus Brewing and Risley Pellet Solutions.
The next step for the Virethaler loan is review by the finance committee June 7.
Anna Schramke, executive director of Green County Development Corporation, said she wants such smaller loans in the future to come from a proposed Green County Microenterprise Revolving Loan Fund. Small businesses need help in the current economy, she added.
"These are people right now who don't have any money," Schramke said.
Schramke hopes to have the new microloan program approved by the Green County Board of Supervisors, but said that Vierthaler's loan would not be affected by their decision.