The City of Green Bay has capitalized the Revolving Loan Fund (RLF) with money from the federal Community Development Block Grant (CDBG) program. The RLF provides gap financing in the form of loans to businesses when private financial institutions won’t cover the entire amount needed for the project. Also, this program requires a commitment to create jobs within the city limits.
- Building construction, acquisition, rehabilitation, or expansion.
- Land acquisition (in conjunction with building purchase or construction).
- Purchase and installation of machinery and equipment.
- Working capital
- Citywide: Manufacturing, wholesale and selected service establishments.
- Broadway Redevelopment Area: All for-profit establishments.
- A minimum of 51 percent of the full-time equivalent (FTE) jobs created and/or retained must be for persons from low- to moderate- income households as defined by the U.S. Department of Housing and Urban Development guidelines.
- A maximum of $35,000 CD-RLF dollars may be loaned for each permanent FTE job created up to a maximum loan of $250,000.
- This program can provide up to 50 percent of the total project cost; and 10 percent of the total project cost must be in the form of equity.
- Minimum loan amount is $10,000.
- Working capital loan maximum is $35,000 and have a variable interest rate. These loans can only be used for direct labor costs or inventory.
- Applications are accepted year round.
- A current Business Plan and applicable financial reports are required.
- The project must meet federal underwriting guidelines
- The applicant must demonstrate that the proposed project is viable and that the business will have the capacity to repay the loan
- A pre-application meeting with EDA staff is required before a loan application is accepted.
Contact the city’s Economic Development Department for an initial consultation and application form.