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Community Development Revolving Loan Fund (CD-RLF)

The City of Green Bay has capitalized the Revolving Loan Fund (RLF) with money from the federal Community Development Block Grant (CDBG) program.   The RLF provides gap financing in the form of loans to businesses when private financial institutions won’t cover the entire amount needed for the project.  Also, this program requires a commitment to create jobs within the city limits.

Eligible Projects

• Building construction, acquisition, rehabilitation, or expansion.

• Land acquisition (in conjunction with building purchase or construction).

• Purchase and installation of machinery and equipment.

• Working capital

Eligible Businesses
Citywide: Manufacturing, wholesale and selected service establishments.
Broadway Redevelopment Area: All for-profit establishments.

Loan Requirements

• A minimum of 51 percent of the full-time equivalent (FTE) jobs created and/or retained must be for persons from low- to moderate- income households as defined by the U.S. Department of Housing and Urban Development guidelines.

• A maximum of $35,000 CD-RLF dollars may be loaned for each permanent FTE job created up to a maximum loan of $250,000.

• This program can provide up to 50 percent of the total project cost; and 10 percent of the total project cost must be in the form of equity.

• Minimum loan amount is $10,000.

• Loans for working capital are only provided as a loan guarantee to a private lender. 

Application Process
Contact the city’s Economic Development Department for an initial consultation and application form.

 

Commercial Façade Improvement Loan Program

Mission ~ To enhance and revitalize theaesthetics of the Targeted Impact Areas throughout the City of Green Bay by providing a financial incentive for businesses to invest in their property.
What is the Commercial Façade Improvement Program?
The program provides low cost financing to renovate or restore the exterior façade and improve the parking and landscaping of commercial properties located in Impact Areas (see map).
The maximum loan available is $15,000 and the minimum loan available is $2,000. 
Financing will be provided under the following terms:
Terms between 5 and 7 years (depending on the size of loan).
Interest rate will be 2% fixed for the term of the loan.
10% owner equity is required.

Who is eligible for the program? Any commercial building owner or tenant (business owner) with lease authority and approval of the owner may apply for Commercial Façade Improvement funds.  The commercial building must be located within the approved Impact Areas.  Owner cannot be delinquent on any current City charges, taxes or assessments or have defaulted on any previous City assistance. 
Application Form
Target Area Map

 

Other sources for loans:

WI Department of Commerce Loan Program
The Wisconsin Department of Commerce has a number of programs in which the agency makes direct loans to businesses.  For more information, contact the DOC regional development manager, Dennis Russell at 920-498-6302 or dennis.russell@wisconsin.gov.

SBA 504 Loans
The federal Small Business Administration 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.  Check their web site for additional information.