June 22, 2020 – The Village of Union Grove is excited to announce new loan and grant resources to support its local business community, as well as attract new development to targeted areas of the Village. In addition to the existing Small Business Relief Fund, there are several programs available:
Union Grove Revolving Loan Fund Program ($100,000 or more)
For larger expansion projects, the Revolving Loan Fund (RLF) program is available to support the financing needs of local companies. This RLF program can partner with the business’ bank to provide 90% financing for the company’s capital investment in expansion and development projects. With low interest rates, only 10% equity and flexible terms, the program was built to be flexible and business-friendly.
Union Grove RLF ($100,000 or less)
For business loans of $100,000 or less, the Union Grove RLF loan can be the sole lender on the project. This opportunity affords the business with the full benefits of the RLF program’s reduced down payment and low interest rate. These small RLF loans may focus more on working capital and leasehold improvements.
Union Grove Small Business Relief Loans ($5,000 or less)
Union Grove’s Small Business Relief loans of up to $5,000 at 0% with a three-month deferral provide flexibility to businesses as they re-open and stabilize their businesses. Union Grove
Matching Grants
Matching grants up to $2,500 are available to existing businesses to complete interior improvements and do pop-up stores.
For more information on these programs, contact Carolyn Engel, Finance Director for Business Lending Partners, at 262-898-7420 or carolyn@blp504.org.
Funding for the new programs is from an existing Union Grove Revolving Loan Fund, originally sourced through federal community development block grant dollars. The financial programs are administered by Racine County Economic Development Corporation (RCEDC) and its business finance team, Business Lending Partners (BLP).