The Door County Economic Development Corporation manages three low interest revolving loan funds to assist businesses start or expand their business in Door County.
Typical terms for these loans include:
Provide a loan up to $250,000 but not more than 50% of total project costs.
The interest rate and term are set individually for each loan but the term typically matches the life of the equipment/asset and the interest rates have ranged from 2-7% depending on economic benefits and risk assessment.
Business must commit to one job created or retained per $35,000 that we loan within three years. If required, we can be flexible with repayment and offer interest only for 1-2 years. We will seek the best possible collateral position. We can also facilitate an application to the Wisconsin Economic Development Corporation for additional funding.
- Acquisition of fixed equipment.
- Acquisition of inventory.
- Acquisition of land and buildings. (While eligible, these activities are strongly discouraged due to federal requirements.)
- The construction, reconstruction or installation of buildings, fixed equipment and site improvements. The clearance, demolition, removal or rehabilitation of buildings and improvements. (While eligible, these activities are strongly discouraged due to federal requirements.)
- The payment of assessments for sewer, water, street and other public utilities, if the provision of the facilities will directly create or retain jobs.
- Refinancing or reimbursement for expenditures made prior to loan approval
- Equipment which has a depreciable life of less than five years
- Payroll costs
Either the client or the bank loan officer should contact Caleb Frostman or Paige Funkhouser at 920-743-3113. An application (two pages) will need to be filled out with supporting documentation attached. Typically we are looking for a business plan with financial statements, financial projections, and tax returns. A loan committee meeting will be scheduled…the committee will make a recommendation on the loan. The recommendation will be taken to the loan fund owner (City, County, or DCEDC) for final approval. (Because of timing issues with the meetings, keep in mind that the entire process could take 4-8 weeks.) Closing is scheduled and funds are disbursed.
Click here to download a printable one-page fact sheet about the RLF progam.