Do you have a startup or new business that’s been in business five years or less that could use gap financing to grow? Green County Development Corporation can help you achieve your financing goals.
GCDC is raising $375,000 in local funding to receive a matching $375,000 in funds from the Wisconsin Economic Development Corporation to establish the new Green County Growth Opportunity Fund. That means we have $750,000 to invest in businesses in Green County.
Businesses and organizations providing financial support include: William S. Knight Foundation, Colony Brands, Bank of Brodhead, First National Bank & Trust, Greenwoods State Bank, Sugar River/Bank of New Glarus, Wisconsin Bank & Trust, Woodford State Bank, and Monroe Clinic. Backing like this ensures local startups and emerging growth companies have the financial resources in place to grow and prosper, and that benefits everyone in Green County.
Thank you to those who contributed funds to invest in Green County businesses, now and into the future!
Growth Opportunity Fund Workshop
Get a leg up on the competition by attending our Growth Opportunity Fund workshop. Find out how to present a competitive application and get insider tips on what the selection committee wants. The workshop will be held at 6 p.m. Tuesday, Oct. 29 at the Enterprise Center at Blackhawk Technical College. The center’s entrance is located on the north end of the BTC Monroe Campus across from the Alp & Dell Cheese Store.
We expect the full amount of funding will be used quickly, so plan to attend for this first — and likely last –—round of funding!
Eligible Businesses
GCDC’s Growth Opportunity Fund loans of up to $100,000 per business are available for high growth startups and emerging growth companies such as advanced manufacturing, agriculture or food processing, information systems or software, medical devices, biosciences and energy.
There is no job creation requirement to be eligible. Financed activities must be located within Green County or within a municipality partially located in Green County. This is a revolving loan fund: as businesses pay back their loans and interest, that funding will be used to make loans to more businesses.
How can my business benefit from Growth Opportunity Funds?
First, contact our local Small Business Development Center (SBDC) business counselors at swwisbdc@uwex.edu to figure out how much money you need and discuss funding sources. Then we 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, aka the “gap.” Your local SBDC business counselor will help you complete your application for the gap funding you need. Applications are then submitted to the Growth Opportunity Fund Committee for review.
Interest Rates and Eligible Activities
The rate may be fixed or graduated on a fixed schedule, but the interest rate will never be more than 2%above the Wall Street Journal prime rate at the time the loan is issued.
Eligible activities for loan monies include: acquisition of land, buildings, and fixed assets; 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 improvements; payment of assessments for sewer, water, street, and other public utilities if the provision of the facilities will directly create or retain jobs; and working capital (inventory and direct labor costs only).
Applications may be submitted at any time and will be processed in the order received. For more information, contact GCDC at 608-328-9452 or gcdc@tds.net.
— Cara Carper is executive director at Green County Development Corporation.
