RCEDC assists Racine County Businesses through the administration of several fixed rate, long-term Revolving Loan Fund Programs and Matching Grants. Through Business Lending Partners (BLP), the finance division of RCEDC, we partner with financial institutions throughout the State of Wisconsin to offer financing through the SBA 504 Loan Program. RCEDC has been operating as a financial resource since 1983 and is the only Certified Development Company (CDC) headquartered in Southeast Wisconsin.
RCEDC is committed to business growth and community development by providing alternative financing options.
A variety of community loan funds, often referred to Revolving Loan Funds (RLFs), are available to growing businesses with financing needs. These are direct loan programs that partner with the customer’s financial institution to create financing packages that offer reduced cash equity requirements for the business, reduced interest rates and flexible loan terms on the RLF loan.
Through funding from the County of Racine, a Matching Grant Program (MGP) was established with the goal of providing a means for existing small and medium-sized companies to obtain the professional services necessary for a strong foundation for continued business growth and to provide jobs for Racine County residents.
Grant reimburses up to 50% of eligible cost – up to $5,000 per applicant.
The U.S. Small Business Administration (SBA) 504 loan program was developed by Congress to assist growing businesses by offering an attractive financing option for real estate and equipment needs. The SBA administers the program with the objective of providing financing to projects that meet one of the following:
SBA 504 Loans provide long-term, fixed-rate financing options for real estate and equipment needs. Business Lending Partners (BLP) specializes in processing and servicing these loans throughout the State of Wisconsin.
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Meets Community Development Goals; or
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Meets Public Policy Goals
The purpose of the Racine County Community Development Block Grant – Coronavirus (CDBG – CV) is to provide economic relief for small businesses with five or fewer employees, that have experienced a negative impact on their business as a direct result of the pandemic. Because the source of the grant is from the U.S. Department of Housing and Urban Development (HUD) through its Community Development Block Grant program, a Low-to-Moderate-Income requirement will apply. This grant will not be available to businesses located in the City of Racine because the City received its own allocation directly from HUD.
Applications can be downloaded here and must be submitted to grace@blp504.org. Applications will be processed on a first-come, first-served basis.
RCEDC and its finance team, Business Lending Partners (BLP), in partnership with Fox Communities Credit Union, has assembled an unparalleled lineup of industry experts, self-made entrepreneurs, and business leaders to deliver an event tailored to business owners, the commercial lending community and real estate professionals. Food included.
Join RCEDC as we host this food and business networking event, where local business owners share their stories about how they navigated the path to success.
Trene McCaskill, owner of H.E.R. Valley - a self-care and revitalization service in Racine - will celebrate the grand opening of her new location at 904 State St. on July 9th at 11:45 a.m.
To help encourage business improvement, retention and attraction, the Village of Sturtevant created a new program with favorable loan terms - little to no equity requirement, low-interest, and principal deferrals.
EMPOWERING SMALL BUSINESSES A Business Growth Solutions Event RCEDC and its lending staff, Business Lending Partners (BLP), in partnership with Community State Bank, assembled a remarkable lineup of entrepreneurs, small business owners, and financial professionals to share relevant insights on…
The newest Racine County grant, the Community Development Block Grant Program (CDBG) was launched in late 2021. Nearly $72,000 has been approved for businesses throughout Racine County that were negatively affected by the pandemic. Fortunately, there is still $330,000 available.
Raising capital to grow your business can be challenging. Should you use debt? What programs are available through RCEDC? Are there more options? Join RCEDC as we explore the opportunities from venture capital to determine when this solution is the…
SBA 504 Rates January 2022
This year, Jellystone Resort in Caledonia was named the "Resort of the Year" by the Jellystone franchise. This award is given to one location per year and the Jellystone franchise is especially happy about the expansion and projects Jellystone Caledonia has completed the past couple of years to aid in the client's demands for the park.
Dan Gallagher started Mybread Bakery with a mission to provide gluten-free breads that are safe for those with food allergies, but not compromise taste or quality. Three years later, Gallagher relocated from Chicago to Racine - with help from the Racine County Economic Development Corporation - and expanded operations by renting a larger space, purchasing better machinery, and hiring additional employees.
SBA 504 Rates October 2021
In this edition of the Quarterly BLP Newsletter, updates are now available for the new SBA Loan refinance opportunities for existing SBA Loans, a new City of Racine Road Construction Loan Program is promoted for businesses affected by road construction, and to meet the demand of loan applications and closings, BLP is looking to hire a new Loan Closer and Credit Analyst.
RCEDC’s mission is to grow Racine County’s property tax base and by supporting business expansions, provide employment opportunities to Racine County residents. In 2022, RCEDC staff were able to facilitate 105 projects that included comprehensive site selection, loans, grants, and incentives resulting in $289 million in private investment and $124 million in new construction.
