Community Action Agency to Help Spur Area Job Growth - Loan Program available for Northeastern Wisconsin Businesses

Name
Kelly Edwards
City
Stevens Point
State
Wisconsin
Release Date
Mar 27, 2015

Current business owners and new entrepreneurs in Northeastern Wisconsin can make use of a loan program administered by Lakeshore Community Action Program (CAP), Inc. of Wisconsin to help start or grow a business, and spur community economic development. Loans are available to small and emerging businesses in rural areas of Door, Kewaunee, Manitowoc, and Sheboygan Counties.

"We are pleased to add this revolving loan fund to our programming. We hope to encourage job creation as well as foster business start-ups in the Lakeshore Counties," said Christine Loose, Lakeshore CAP Program Manager.

Funds can be used for start-up and working capital, land acquisition, building and plant renovations or construction, purchase of inventory, project planning and other business needs. Eligible applicants include small and emerging private business enterprises that employ 50 or fewer employees, have less than $1 million in projected gross revenues, and located in rural targeted areas. The Program can lend from $5,000 up to $20,000 at no less than 4 percent interest with a maximum term of 15 years. Revolving loan funds are available through the Lakeshore CAP Business Incubator. For more information and how to apply, visit www.lakeshorecap.org or call toll-free at 1-800-924-0510.

The Lakeshore CAP Business Incubator is a low cost space to allow a business founder to use more resources for business development. This program provides access to shared services including mail receipt, conference and kitchen areas, Internet service, and technical assistance including business classes and assistance in loan preparation. These services are provided in conjunction with other community partners. The goal is to increase economic self-sufficiency and employment through the creation of opportunities.

Lakeshore CAP, Inc. received a $99,000 Grant provided through the USDA Rural Development Rural Business Enterprise Grant Program (RBEG) to establish the revolving loan fund.

Lakeshore CAP, Inc. works to achieve self-sufficiency for all residents of the counties of Door, Kewaunee, Manitowoc and Sheboygan. Offered programs educate families, protect youth, secure shelter, deliver skills training, promote entrepreneurship, and provide food for the needy throughout Northeastern Wisconsin.

During the past year, USDA Rural Development invested nearly $558 million throughout rural Wisconsin and helped a record number of residents receive funding for economic development projects and quality of life improvements. The agency’s investment in Wisconsin helped create or retain more than 1,400 jobs; aided 3,400 families in buying their own homes; and assisted more than 100 communities in improving community facilities and upgrading local infrastructure. For more information on USDA Rural Development programs visit USDA’s web site at http://www.rd.usda.gov/wi.