We are excited to announce two new opportunities to grow your business in Green County. Nearly $1.5 million is available from two self-replenishing pools of money from Green County Development Corporation and Southwest Wisconsin Regional Planning Commission.
Last week, GCDC met its goal to raise $750,000 for the Growth Opportunity Fund, a revolving loan tool used for development and expansion of newer small businesses. One loan of $100,000 has been made, with another application expected soon. Who will be the next recipient of this low interest opportunity?
Funds for Manufacturing, Food Processing and Energy
The Growth Opportunity Fund is a gap financing tool that can provide up to $100,000 as a bridge between the amount the borrower can obtain in the private market and what is needed to start or sustain a business. As businesses pay back their loans with interest, the fund will rebuild itself, constantly turning over to provide additional loans to other businesses.
High-growth startups and emerging growth companies are the program’s main focus. Funding will be used for businesses such as: advanced manufacturing, agriculture or food processing, information systems or software, medical devices, biosciences and energy. There is no job creation requirement. Interest rates average around 3%. Payments can be deferred for six months.
Funding for this opportunity was provided by: Wisconsin Economic Development Corporation, the William S. Knight Foundation, Colony Brands, Bank of Brodhead, Bank of New Glarus, First National Bank, Woodford State Bank, Wisconsin Bank & Trust, Greenwoods State Bank, Associated Bank, Monroe Clinic, and Duxstad & Bestul. Please thank them for their generosity and willingness to stimulate local development.
More information and an application for the Green County Growth Opportunity Fund is available at https://greencountyedc.com/growth-opportunity-fund/ or contact the GCDC office at 608-328-9452 or email gcdc@tds.net.
Funds for Unmet Regional and Community Needs
The Southwestern Wisconsin Business Development Fund has $730,000 in funds to help new and existing businesses and non-profits open up or expand. Loan payback terms are flexible and the interest rates will be 2% on average. These funds can help new and existing businesses buy new equipment or help fund ongoing operations.
The loan was created to assist business development and expansion projects that address unmet regional and community needs in the southwest Wisconsin area. From now until April 2021, no accompanying commercial loan will be required and repayment can be deferred until May 2021. The federally sponsored money is focused on job retention and expansion, so $40,000 can be loaned out for every job retained or created.
If you are looking for funding as you work to start or grow your business, visit https://www.swwrpc.org/services/economic-development/Regional-Revolving-Loan-Fund to see if you qualify. The pre-application is a single page of information making it very easy to get started. If you have questions regarding the program, contact Kate Koziol, Economic Development Specialist at k.koziol@swwrpc.org or call 608-342-1751.
Better Together
If your business qualifies, you may be able to benefit from both funding sources. Growth Opportunity Fund loans can be stacked with Southwestern Wisconsin Business Development Fund loans.
For assistance in filling out your applications, contact our local Small Business Development Center (SBDC) business counselors at swwisbdc@uwex.edu. Our business counselors provide free, confidential coaching for all businesses in Green County. They can help you work with your local lender to determine how much funding you can obtain in the private market and the amount still needed to start or grow your business.
Let’s grow our businesses!
— Cara Carper is executive director at Green County Development Corporation. She can be reached at cara.gcdc@tds.net.
