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October 25, 2019
For Immediate Release
For further information:Wendy Townsend; WendyTo@greenbaywi.gov; 920-448-3086
Low Interest Loans for Businesses through the City of Green Bay
The City of Green Bay announces the availability of low interest loans through the Community Development - Revolving Loan Fund (CD-RLF). This program can lend up to $250,000 to businesses located within the city limits that will be used to create jobs.
Eligible items that can be funded include land and building acquisition, construction / building improvements, purchase and installation of machinery or equipment, and working capital. This program is considered gap financing, when a commercial lender cannot lend on the entire project. The business must also contribute 10% in equity.
“The City has funding to support growing and new businesses within our community, and we want it in the hands of those that can use it,” said Mayor Eric Genrich. “This program allows companies to grow when traditional financing can’t fill the entire gap, and it's helpful to lenders for the city to share some of the risk.”
One job must be created for every $35,000 borrowed, which must be made available to a person from a low to moderate income household. Loans carry flexible financing terms and cannot be for more than 50% of the total project.
The maximum amount for working capital loans is $35,000 and can only be used for inventory or direct labor costs. CD-RLF loans may not be used as a line of credit, a loan guarantee or to refinance outstanding debt.
Applications are taken throughout the year and are available through the City’s Economic Development Department. For more information, please contact Wendy Townsend, Project and Program Manager at 920-448-3086 or visit the City of Green Bay’s website at greenbaywi.gov/462/Revolving-Loan-Fund to learn more.