Community Loans

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 a financing package that overall offers:

Reduced Equity Requirements

Reduced Interest Rates

Flexible Loan Terms

To qualify for an RLF the company typically needs to be creating or retaining jobs in the community or providing some other community benefit. Each RLF has different criteria which can be found below.

    Why Community Loans?

    Benefits

    Eligible Use of Funds

    Recent Business Lending Partners News

    Racine County, in partnership with the Racine County Economic Development Corporation (RCEDC), has received a $500,000 grant from the Wisconsin Department of Administration (DOA) to help local small businesses impacted by the COVID-19 pandemic.

    RCEDC’s most recent Zero Loan Program recipients, Terri and Michael Bannon, owners of Razor Sharp Fitness, used the funds to purchase new fitness equipment, which they anticipate will increase memberships and alleviate the effects from the pandemic.

    business growth solutions A SERIES DEVELOPED TO HELP SMALL BUSINESSES GROW The Business Growth Solutions Series is a 3-part video educational experience designed for small business owners, commercial lenders, real estate professionals and anyone in a position to help Wisconsin businesses…

    This event will highlight available financial programs for City of Racine business owners.

    January 2021 SBA 504 Rates

    business growth solutions A SERIES DEVELOPED TO HELP SMALL BUSINESSES GROW The Business Growth Solutions Series is a 3-part video educational experience designed for small business owners, commercial lenders, real estate professionals and anyone in a position to help Wisconsin businesses…

    Start In Wisconsin is the premier network for local businesses. For owners and startups, Start In Wisconsin will power connections to start, scale and accelerate area entrepreneurs. For the established resource network, Start In Wisconsin will be a platform to provide best fit referrals, build your network, and to showcase the story of entrepreneurship in our region.

    November 2020 SBA 504 Rates

    Darius Szczekocki, president of Hestia Heat Treat in Racine, will use a $100,000 pandemic recovery loan to purchase new equipment to seek more work with automotive industry clients.

    Case High School graduate and Milwaukee Brewers former draft pick, Lee Jaramillo now owns Northterra Real Estate Group. Jaramillo recently used RCEDC's High Impact Revolving Loan Fund for interim financing to construct the new O&H Danish Bakery on the corner of Douglas Avenue and 4 Mile Rd.

    The City of Racine houses many businesses in a variety of industries, serving its residents and the surrounding communities. However, the challenges posed by the COVID-19 pandemic were severe and required creative, flexible solutions to ensure the retention of these valuable assets in the City.

    When Low Daily Brewery owners, Tim and Claire Sullivan moved from the Pacific Northwest to Burlington, RCEDC provided development assistance in a variety of capacities, including local and state incentive as well as an SBA 504 loan for building renovations and equipment purchasing.

    INVEST IN RCEDC

    RCEDC’s mission is to grow Racine County’s property tax base and by supporting business expansions, provide employment opportunities to Racine County residents. Over the last three years the RCEDC staff assisted 72 projects that, when completed, will result in 1,000’s of new full time jobs, and will substantially boost local property tax revenues. Your investment allows RCEDC staff to continue these positive efforts.

      INVESTMENT LEVELS

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