The Village of Union Grove Board of Directors approved updates to the existing Union Grove Revolving Loan Fund (RLF) program on Tuesday, April 25.
The RLF, once focused only on projects in Union Grove’s downtown area, has approximately $320,000 ready for lending and is now available to businesses located anywhere in Union Grove. Eligible expenses may include land and building acquisition, machinery & equipment purchases, leasehold improvements, business acquisitions, and working capital expenses. Principal payment deferrals can be offered for up to 18 months.
Previous updates to the RLF remain in place and include a more expedited approval process, diverse range of loan amounts, and increased accessibility to RLF dollars.
The Union Grove RLF is intended to assist small business with their expansions, spur economic development, and create permanent jobs within the Village. Recent projects include Pine Acres Popcorn, Bon Voyage World Travel Experts, Proformance PC, and Top Paws Grooming.
The RLF program is administered by the Racine County Economic Development Corporation (RCEDC). To see a full list of eligible and ineligible uses, as well as begin the application process, please visit our Community Loans page.
