Expanded Eligibility Opens Revolving Loan Fund to More Businesses
Updated loan fund guidelines open the door for more contractors, suppliers, and manufacturers to access flexible financing.
The Racine County Board of Supervisors has approved updates to the Greater Racine County Revolving Loan Fund (RLF), expanding eligibility and creating new opportunities for businesses connected to development activity within Mount Pleasant’s Tax Increment District (TID) #5, home to the Foxconn and Microsoft campuses. Nearly $700,000 in funding is currently available to support eligible projects. The updates broaden the definition of eligible businesses to include those with a connection to TID #5 development and operations.
What does a “connection” to TID #5 mean?
- A Racine County business working on a Foxconn or Microsoft construction project that needs financing to purchase equipment required to fulfill a contract may be eligible.
- A business located outside Racine County that supplies Foxconn or Microsoft and is interested in expanding into Racine County may qualify.
- A Racine County manufacturer producing components for Foxconn or Microsoft may be eligible for financing related to equipment purchases, workforce training, professional fees, leasehold improvements, or building acquisition, construction, or expansion.
The Greater Racine County Revolving Loan Fund is designed to help businesses capitalize on growth opportunities generated by ongoing investment in TID #5 while encouraging business expansion and job creation throughout Racine County. Businesses interested in learning more about eligibility or financing options are encouraged to contact RCEDC.