Revolving Loan Fund

The purpose of the revolving loan fund is to make loans to businesses wishing to expand or locate in the City of Clintonville.

ELIGIBILITY CRITERIA

The business must be located in the City of Clintonville, Waupaca County, Wisconsin.

ELIGIBLE ACTIVITIES

 1.  Acquisition of land, buildings, and fixed equipment.
 2.  Site preparation and the construction or reconstruction of buildings or the installation of fixed equipment.
 3.  Clearance, demolition or the removal of structures or the rehabilitation of buildings and other such improvements.
 4.  The payment of assessments for sewer, water, street, and other public utilities if the provision of the facilities will directly create or retain jobs.
 5.  Working capital (inventory and direct labor costs only).

TERMS AND CONDITIONS

Loan terms and conditions shall be structured on need and ability to repay. Minimum standards shall include the following: 

 1. Loan Amount:  Loan amounts are subject to the availability of program funds (Maximum of $50,000)
 2. Interest Rate: The interest rate shall be established by the Loan Review Committee
 3. Term for Loans:   
   a. Working capital loans shall have a maximum term of seven years.
   b. Loans for machinery, equipment and fixtures shall have a maximum term of ten years
   c. Real estate loans shall have a maximum of 12 years which can be amortized on a 20-year basis with the option of refinancing for an additional eight years
   d. In any case, the loan shall not have a term longer than the terms of the other private financing in the project
 4. Period of Payment: Terms may include longer amortization schedules with balloon payments. Amortization schedules shall be set up for monthly payments.
 5. Repayment: Payment of interest and/or principal may be deferred for up to one (1) year if merited in the loan application. Interest shall accrue during the deferment period and may be paid in full or added to the principal amount of the loan. Following the deferral period, interest and principal shall be paid for the remaining term of the loan.
 6. Prepayment: There shall be no prepayment penalties.
 7. Collateral: The City will seek to have the best possible collateral position possible to ensure that RLF loans are adequately secured.

For additional information, please call Sharon Eveland, City Administrator, City of Clintonville at (715) 823-7600.


To print a copy of the Revolving Loan Fund Application in Adobe Acrobat format, please click here.



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