The Northwest Wisconsin Business Development Corporation (NWBDC) awarded loan funding to eight regional businesses in 2017. The businesses that were assisted all enhanced the economic outlook of Wisconsin’s northwest region.
The funds went toward eligible projects that showed promise to retain or create for startup or expansion activities. The awarded industries represented manufacturing, tourism, health and wellness, and construction.
Without the loan assistance, Christian and Jenny Mangelsen’s dream of turning their 15-acres of land into a campground, That HWY 70 Campground, LLC, in Siren, Wisconsin would not have happened.
“The fact that we can make our dream a reality and have our kids involved is very important to us,” Jenny Mangelsen said. She added that it is even more exciting knowing they can pass on their entrepreneurial traits by working hand in hand with their children in a very kid-friendly business.
That HWY 70 Campground development took a joint effort between many local resources. The Mangelsens obtained critical startup consultation from Indianhead Community Action Agency’s Business Development program, and Impact Seven out of Rice Lake became the lead financing organization. NWBDC
assisted with gap financing to make this goal a reality.
Another business, Stone Lake Lumber Co
., has been bringing an economic and visual resurgence to Stone Lake and needed assistance with ownership transition. Paul Manka and Mike Bogenshcneider saw the opportunity that Stone Lake Lumber could offer and outright purchased Stone Lake Lumber Co. in the late portion of 2017. Under their leadership, Stone Lake Lumber has turned into a very profitable and growth-focused business, while improving the surrounding lots and bringing in interested consumers to Stone Lake.
“The business needed a lot of updates, as did the surrounding lots,” Paul Manka, co-owner of Stone Lake Lumber explained. He went on to say they updated new features, products, and even purchased the old Stone Lake Bank, which was converted into a showroom and has added a renewed look in Stone Lake.
“The Stone Lake leaders have been very impressed by the drastic improvements and have gone a long way to help us,” Manka continued. The NWBDC funding will help secure the expansion and successful future for Stone Lake Lumber Co. for many years to come.
Overall, the NWBDC program has awarded $590,600 in loan funds to regional businesses over 2017. These businesses have committed to the creation and/or retention of 111 jobs, and were able to leverage $5,276,750 of owner equity injections, private or other public funds. The cost per job created and/or retained is $5,320.72 per job. The leverage ratio is $11.15 of equity, private or other public funds for every dollar of NWBDC funds lent.
NWBDC is one loan program under the Northwest Wisconsin Regional Planning Commission (NWRPC). Twenty-six loans totaling $1,350,274 have been awarded to regional businesses in 2017 through the various lending entities under the NWRPC umbrella. These businesses have committed to the creation and/or retention of 275 jobs, and the leveraging of $12,453,194 of equity, private or other public funds. The cost per job created and retained is $4,910 per job. The leverage ratio is $9.22 of equity, private or other public funds for every dollar of funds lent. NWRPC staff has awarded a total of $5,794,115 in loan funds, leveraged $56,126,568 in equity, private and public funds, and created and/or retained 1,113 jobs in the past five years. To see if your business would qualify for a startup, transition or expansion loan product, contact loan fund manager Ken Pearson
at (715) 635-2197.