Economic Development

Financial Assistance and Revolving Loan Fund

Program Overview

The City of Fitchburg provided $375,000 to the Fitchburg Community & Economic Development Authority to capitalize a revolving loan fund. These funds will be available to existing businesses and prospects planning to locate in Fitchburg. The goals of the program are:

To encourage a proactive and positive business climate
To expand and diversify the tax base
To facilitate existing business expansions
To assist small businesses and start ups
To target clean industries, especially high tech manufacturers, research and development companies, and businesses that export
To attract new businesses to Fitchburg
To promote a diverse mix of employment opportunities that offer good wages and comprehensive benefit packages.

Eligibility

Businesses eligible to apply for the Fitchburg revolving loan fund include:

Applicants must be an existing Fitchburg business or new business looking to locate in Fitchburg

Activities eligible for fund through this program include:

Land acquisition
Building acquisition
Building construction, including site preparation
Building rehabilitation or renovation
Machinery and equipment
Working Capital
Loan guarantees

Terms

The terms and conditions of the Fitchburg Revolving Loan Fund are as follows:

Loan Amount:

$10,000 - 50,000 subject to availability

Interest Rate:

Fixed term, may range from zero during a period of deferred but capitalized interest to market rate defined as the prime rate of interest as published in the Midwest edition of the Wall Street Journal plus 2 percent

Loan Terms:

Machinery, equipment, fixtures up to 10 years, tied to the life of the asset
Buildings and land, up to 20 years
Working capital up to 7 years
The term of the loan shall not have a longer term than the terms of the other private financing in the project

The Fitchburg Community and Economic Development Authority (CEDA) reserves the right to increase the maximum loan amount based on sufficient collateral and risk analysis of the projects.

Application Process

Request an application
Determine eligibility
Complete application
Submit financial statements for the three most recent years
Include a business plan

Contact Information

For more information or to request an application please contact:

City of Fitchburg Economic Development Department

5520 Lacy Rd.

Fitchburg, WI 53711

Phone (608) 270-4245 or (608) 270-4246

Fax: (608) 270-4212

Economic Development

Financial Assistance and Revolving Loan Fund

Forward Community Investment

Fitchburg Revolving Loan Fund

Contact Information