Oneida County Economic Development Corporation

A Financial Assistance Program For Oneida County Businesses

WHAT IS A REVOLVING LOAN?

The Revolving Loan Fund (RLF) is an Oneida County financing program established to provide loans to business relocating to or currently located in Oneida County. Oneida County’s RLF was established to provide a means for businesses to obtain financing, which will in turn promote economic development, provide jobs, increase incomes and expand the local tax base. Funds from the program are repaid to the County and are relent to new prospects to continue to support economic development activities.

WHO IS ELIGIBLE?

Any type of business, industrial or commercial, located in or relocating to Oneida County is eligible. Applicants must demonstrate that the loan monies will create or maintain jobs in Oneida County. Preference will be given to businesses that maintain or create basic jobs.

ELIGIBLE ACTIVITIES

Subject to certain restrictions, program loans shall be available to eligible applicants for the following activities:

·        Acquisition of land, buildings, and fixed equipment;
·        Site preparation, the construction or reconstruction of buildings, and the installation of fixed equipment;
·        Clearance, demolition or the removal of structures or the rehabilitation of buildings;
·        Payment of assessments if the provision of the facilities will create or retain jobs;
·         Working capital (Inventory and direct labor costs only)

MINIMUM REQUIREMENTS

To be eligible for funding, a project must meet the following minimum requirements

· Private Funds Leveraged - A minimum of one dollar ($1.00) of private equity for every dollar ($1.00) of loan funds requested.

· Jobs Created - At least one (1) full-time permanent position must be created or retained for every $20,000 of program funds requested.

· Financial Feasibility - Applicant must demonstrate the proposed project is viable and the business will have the economic ability to repay the loan.

· Low to Moderate Income Benefits - Of the jobs that are created or retained, at least 51 percent of the jobs shall be made available to low to moderate income persons.

· Project completion - Projects and job creation shall be completed within 24 months and jobs must be maintained for 24 months.

TERMS AND CONDITIONS

The following is a general list of the terms and conditions:

·        Loan Amount - An applicant is eligible for $20,000 for each job created or retained, up to a maximum of $100,000 for a specific company
.·        Interest Rate - The interest rate shall be fixed at 4 percent. The RLF Committee shall set terms of the loan.
·        Terms for Loans - Depending on the project, terms generally mirror conventional lenders or match the life of the asset.
·         Period of Repayment - Amortization schedules shall be set up for equal monthly payments of principle and interest.

APPLICATION PROCESS

·        Prior to submitting an application, interested business should meet with the OCEDC executive director to discuss the project and the complete RLF process.
·        Applications are accepted any time during the calendar year.
·        Completed applications and supporting information should be submitted to OCEDC for review.
·        When acceptable, the application is forwarded to RLF Committee for review. The RLF Committee makes funding recommendations to the Oneida County Finance Committee for final approval of the RLF.
·        Upon approval of the loan by the Finance Committee, all the necessary loan documentation will be processed and a loan closing date will be scheduled.
·         Businesses are required to maintain detailed records for OCEDC’s review and inspection throughout the life of the loan.

	Oneida County Economic Development Corporation P.O. Box 682, 3375 Airport Road, Rhinelander, WI 54501 Phone: (715) 369-9110 - Fax: (715) 369-5758 For more information please email
Home - County Profile - Sites - Financing - Counseling - OCEDC Supporters - Other Links
Oneida County Revolving Loan Fund *A Financial Assistance Program For Oneida County Businesses* WHAT IS A REVOLVING LOAN? The Revolving Loan Fund (RLF) is an Oneida County financing program established to provide loans to business relocating to or currently located in Oneida County. Oneida County’s RLF was established to provide a means for businesses to obtain financing, which will in turn promote economic development, provide jobs, increase incomes and expand the local tax base. Funds from the program are repaid to the County and are relent to new prospects to continue to support economic development activities. WHO IS ELIGIBLE? Any type of business, industrial or commercial, located in or relocating to Oneida County is eligible. Applicants must demonstrate that the loan monies will create or maintain jobs in Oneida County. Preference will be given to businesses that maintain or create basic jobs. ELIGIBLE ACTIVITIES Subject to certain restrictions, program loans shall be available to eligible applicants for the following activities: · Acquisition of land, buildings, and fixed equipment; · Site preparation, the construction or reconstruction of buildings, and the installation of fixed equipment; · Clearance, demolition or the removal of structures or the rehabilitation of buildings; · Payment of assessments if the provision of the facilities will create or retain jobs; · Working capital (Inventory and direct labor costs only) MINIMUM REQUIREMENTS To be eligible for funding, a project must meet the following minimum requirements · *Private Funds Leveraged* - A minimum of one dollar ($1.00) of private equity for every dollar ($1.00) of loan funds requested. · *Jobs Created* - At least one (1) full-time permanent position must be created or retained for every $20,000 of program funds requested. · *Financial Feasibility* - Applicant must demonstrate the proposed project is viable and the business will have the economic ability to repay the loan. · *Low to Moderate Income Benefits* - Of the jobs that are created or retained, at least 51 percent of the jobs shall be made available to low to moderate income persons. · *Project completion* - Projects and job creation shall be completed within 24 months and jobs must be maintained for 24 months. TERMS AND CONDITIONS The following is a general list of the terms and conditions: · *Loan Amount* - An applicant is eligible for $20,000 for each job created or retained, up to a maximum of $100,000 for a specific company .· *Interest Rate* - The interest rate shall be fixed at 4 percent. The RLF Committee shall set terms of the loan. · *Terms for Loans* - Depending on the project, terms generally mirror conventional lenders or match the life of the asset. · *Period of Repayment* - Amortization schedules shall be set up for equal monthly payments of principle and interest. APPLICATION PROCESS · Prior to submitting an application, interested business should meet with the OCEDC executive director to discuss the project and the complete RLF process. · Applications are accepted any time during the calendar year. · Completed applications and supporting information should be submitted to OCEDC for review. · When acceptable, the application is forwarded to RLF Committee for review. The RLF Committee makes funding recommendations to the Oneida County Finance Committee for final approval of the RLF. · Upon approval of the loan by the Finance Committee, all the necessary loan documentation will be processed and a loan closing date will be scheduled. · Businesses are required to maintain detailed records for OCEDC’s review and inspection throughout the life of the loan. *IMPORTANT* Applicants should not commit any RLF’s to a project until all approvals have been obtained. The information contained in this brochure is a summary of the Oneida County RLF Manual and in the case of conflict; the Oneida County RLF Manual shall govern. APPLICATION INFORMATION The RLF Program is administrated by the Oneida County Economic Development Corporation (OCEDC), a non-profit corporation promoting economic development throughout Oneida County. Applications inquiries should be directed to: Jim Kumbera Executive Director Oneida County Economic Development Corporation
Home - County Profile - Sites - Financing - Counseling - OCEDC Supporters - Other Links Last Update on December 11, 2007