The City of Neillsville is part of the Regional Business Fund, Inc. for commercial and industrial projects. The purpose of the fund is to encourage the creation of quality jobs and increase the tax base.
To be eligible, a business must:
- Be located within the city, or propose to locate within the city
- Create or retain jobs, of which at least 51% will be available to low and moderate income (LMI) persons
- Demonstrate ability to repay the loan
Eligible activities include:
- Land and building acquisition
- New building construction or building renovation
- Building façade improvements
- Acquisition and installation of production related equipment
- Site improvements
- New working capital for direct labor and inventory (one year)
Finance Terms and Conditions:
- Below market interest rates, which may be fixed for term of the loan.
- Deferrals of principal and/or interest may be allowed for a brief period of time.
- Available loan terms are:
- Up to five years on working capital loans
- Seven to ten years on machinery and equipment
- 10 years on real estate
- Collateral is required
- Project must include an amount of private funds (cash and bank loans) equal to the amount borrowed from the Neillsville loan fund
- Job creation is required, with a maximum of $20,000 of city funds for every full-time job created
- Interested businesses must submit applications to the Regional Business Fund, Inc.
- If approved, the loan will be distributed in amounts proportionate to the expenditure of matching private funds.
For more information, contact: