zero loan program
The U.S. Economic Development Administration (EDA) entrusted RCEDC to provide financing for Racine County small businesses affected by COVID-19. The goal of this program is to keep workers employed, stabilize businesses, and strengthen our economy. Through this program RCEDC provides essential financing for businesses to continue investing, and creating/retaining jobs, in Racine County.
Business Lending Partners (BLP) provides up-front eligibility screening services to determine if a small business meets the general criteria to qualify for a loan.
LOAN TERMS AND ELIGIBILITY
Racine Community Benefit (RCB) Fund
This program was designed specifically to assist businesses in Racine County by offering a revolving loan fund in partnership with a bank loan. The program primarily finances real estate projects, equipment purchases and limited working capital needs. The fund offers a below market interest rate, generally 75% of Prime. Its participation cannot exceed either $200,000 or 33% of the total eligible project costs.
Parameters
Racine Excess Resources (RXR) loan program
The Racine Excess Resources (RXR-RLF) Loan program was designed to address the needs of smaller loans without necessarily requiring a private dollar match. As part RCEDC’s goal of supporting small businesses,
LOAN TERMS AND ELIGIBILITY
Eligible Use of Funds
Economic Development Admin. (EDA) Fund
This program was designed specifically to assist businesses in Racine County by offering a revolving loan fund in partnership with a bank loan. The program primarily finances real estate projects, equipment purchases and limited working capital needs. The fund offers a below market interest rate, generally 75% of Prime. Its participation cannot exceed either $200,000 or 33% of the total eligible project costs.
Parameters
Matching Grant Program (MGP) Fund
GRANT REIMBURSES UP TO 50%* OF ELIGIBLE COST –
UP TO $5,000 PER APPLICANT
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.
Uses
Parameters
Step #1: All of the following must apply
Partner Organizations:
- RCEDC (Racine County Economic Development Corporation)
- Gateway Technical College
- RAMAC (Racine Area Manufacturing and Commerce)
- Eligible Independent Consultant
- WWBIC (Wisconsin Women’s Business Initiative Corporation)
- SBDC (Small Business Development Center)
Step #2: One of the following must apply
Greater Racine County (GRC) Fund
The Greater Racine County Revolving Loan Fund (GRC-RLF) program was designed specifically to assist existing businesses in Racine County that are affected by the Foxconn development. Additionally, the GRC-RLF is aimed to assist with recruitment of new businesses to Racine County that have a connection to Foxconn or to assist potential suppliers to automate and grow in order to compete for Foxconn business.
ELIGIBLE BUSINESSES
Industries of focus include but are not limited to:
Racine Development Group (RDG) Fund
The Racine Development Group (RDG) created a loan fund to promote business development and real estate projects in Racine County, with emphasis on low- and moderate- income neighborhoods. Contributing members include Chase Bank, Johnson Bank, BMO Harris Bank, RCEDC, S.C. Johnson, Tri City National Bank, U.S. Bank and Wells Fargo Bank.
Eligible Project Costs
Parameters
Fees
Rates & Terms
Racine County Community Development Block Grant - Coronavirus (CDBG-CV)
The Racine County Community Development Block Grant -Coronavirus (CDBG-CV) Microenterprise Grant Program is to provide economic relief to small businesses with 5 employees or less, who have seen a negative impact on their business as a direct result of the pandemic.
The CDBG-CV grant provides up to $12,000 of cash to aid in operational costs, training needs, professional fees, costs related to changing the business model to adapt to current economic conditions, and costs to improve safety during the pandemic.
Applications can be downloaded here and must be submitted to grace@blp504.org. Applications will be processed on a first come, first served basis.
ELIGIBLE BUSINESSES
To be eligible for this program the business must:
Process
Qualifying income
Owner qualifies as a low to moderate income level based on the number of household members, whose annual income is less than or equal to the amount listed below OR majority of employees are making less than $43,250/yr.
2017 | 2018 | 2019 | 2020 | |
---|---|---|---|---|
Burlington | 250 | 228 | 216 | 263 |
Waterford | 169 | 138 | 150 | 233 |
Norway | 76 | 68 | 67 | 92 |
Union Grove | 34 | 37 | 43 | 72 |
Rochester | 40 | 39 | 39 | 51 |
Dover | 43 | 31 | 30 | 49 |
Raymond | 25 | 26 | 31 | 44 |
Yorkville | 30 | 21 | 28 | 34 |