The staff of Northwest Regional Planning Commission (NWRPC) provides technical assistance to the Northwest Wisconsin Business Development Corporation (NWBDC), the Northwest Wisconsin Regional Economic Development Fund, Inc. (NWREDF), Wisconsin Business Innovation Corporation (WBIC), and administers the established NWRPC Small Business Administration Microloan Revolving Fund (SBA MRF) to assist businesses with gap financing and project specific fund requests. These programs work in partnership with banks and other public finance agencies to make good deals better.
Forty-six NWBDC, NWREDF, WBIC and SBA MRF loans totaling $2,391,315 have been awarded to regional businesses in 2018. These businesses have committed to the creation and/or retention of 243.25 Full-Time Equivalent jobs, and the leveraging of $11,350,799.46 of private or other public funds. The cost per job created and/or retained is $9,830.69 per job. The leverage ratio is $4.75 of private or other public funds for every dollar of NWBDC, NWREDF, WBIC, and SBA MRF funds lent. NWRPC staff has awarded a total of $6,632,837 in loan funds, leveraged $48,862,700 in equity, private and public funds, and created and/or retained 983.75 FTE jobs in the past five years.
Also, in response to the recent weather related disasters facing the ten-county region of NWRPC and statewide, the Wisconsin Economic Development Corporation (WEDC) has approved an application submitted by NWRPC to fund a Disaster Recovery Microloan Fund targeted to businesses impacted by natural and man-made disasters.
Loans may be up to $15,000, carry a 0% interest rate, and can be amortized over 24 months with up to six months deferred. The intention of the fund is to help businesses get a quick jumpstart on getting their business back up and running. Eligible recipients must have suffered measurable physical or economic losses because of the disaster event and can attest to intent to resume business operations in the community as quickly as possible.
To see if your business would qualify for a startup, transition or expansion loan product at NWRPC, contact loan fund manager Ken Pearson at (715) 635-2197.