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Revolving Loan Fund
The City operates a Revolving Loan Fund to encourage
the creation and retention of permanent jobs which provide a wage appropriate to
the skills and experience of the local labor force and that is competitive.
Loan requests are reviewed by the City's Revolving Loan Fund Committee
and the final decision is made by the Common Council.
The applicant must leverage a minimum of $1 of private funds for every $1
of loan funds requested. At least
one full-time permanent position or full-time equivalent must be created/retained
for every $20,000 of program funds requested.
The City will seek to have the best possible collateral position to
ensure that Revolving Loan Fund loans are adequately secured.
The interest rate is 5 % for years 1 through 5, 6 % for years 6 through
10, and 7 % for years 11 through 15. Working
capital loans shall have a maximum term of seven years. Loans for machinery, equipment and fixtures shall have a
maximum term of 10 years. Real
estate loans have a maximum term of 15 years.
In any case, the loan shall not have a term longer than the terms of the
other private financing in the project. Loan
amounts are subject to the availability of program funds. There are no prepayment penalties. The City follows the
Revolving Loan Fund guidelines from the Wisconsin Department of Commerce.
Please contact City Administrator Tim
Freitag at 920-674-7700 or
tfreitag@jeffersonwis.com
for more information.
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