City of Merrill Economic Development Revolving Loan Funds
The purposes of City of Merrill Economic Development Revolving Loan Funds (RLF) are to fill financing gaps in local markets and to stimulate private sector development. RLF provide direct loans at interest rates beginning at 2 percent and work in partnership with other lending institutions.
Objectives:
RLF have many advantages that will help businesses grow. These objectives include:
• Encourage the creation and retention of permanent jobs that provide quality wages and benefits.
• Encourages the leveraging of new private investment in the form of fixed asset investment, particularly in land and buildings.
• Increase tax base.
• Perpetuate a positive and proactive business climate which encourages the retention and expansion of existing businesses and attract desirable new businesses.
• Promote Commercial and Industrial development.
• Encourage the development and use of modern technology and create safe and healthy work environments.
• Encourage an environmentally sensitive and sustainable business community.
Eligibility:
The sole proprietor, managing partner or member, of Chief Executive Officer of an eligible business wishing to establish a new operation or expand an existing operation. The applicant must demonstrate proposed project viability and the economic ability to repay the loan. Other regulations and restrictions do apply.
How can RLF Be Used?
• Purchase of land, building, and fixed equipment.
• Purchase of a business.
• Working capital
• Façade changes
How Can You Apply?
Contact Sara Guild, Economic Development Executive Director, to discuss eligibility and availability of funds at (715) 390-0747.
Business Start-up Contacts
Supply Chain Market Place: www.wisupplychainmarketplace.com
Wisconsin Internships: www.internshipwisconsin.com
Melissa Meschke, Director of Wisconsin small Business Development Center at UW-Stevens Point – email mmeschke@uwsp.edu
Wisconsin Procurement Institute – email info@wispro.og
Department of Workforce Development: www.dwd.wisconsin.gov
New business should also hook-up with Centergy, Inc. the Regions economic development agency – email director@centergy.net
The Chambers Inspire Program – email manager@merrillchamber.org