$2.7M reasons to smile: Oshkosh-area businesses given access to another loan fund
OSHKOSH ― Companies are getting a helping hand.
Local businesses now have access to another $2.7 million in funding after the Greater Oshkosh Economic Development Corporation and Winnebago County rolled out a new Revolving Loan Fund.
The Greater Oshkosh EDC announced the news via a release, having seen a need to streamline the application process and eliminate the requirement for municipalities to secure loans.
“We’ve been watching like everyone else what’s been happening with the current interest rates, and alternative forms of finance are always needed, so we’re happy we can launch this initiative right now,” said Greater Oshkosh EDC President and CEO Tricia Rathermel.
“We will always do what we can to offer opportunities to local businesses within the entire county and make sure smaller businesses with the rural communities can have similar opportunities to any other company.
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“We are excited to see these economic development funds in action, paving the way for important community projects and boosting growth and prosperity all around Winnebago County,” she added.
According to the statement, the Winnebago County Revolving Loan Fund is designed as a flexible gap-financing tool, providing businesses with the capital needed for strategic growth and expansion.
The loan will have a funding range of $25,000 to $250,000.
The program will match up to a maximum of $1 for every $1 of traditional capital investment sources, within the funding range of $25,000 to $250,000.
The fund is intended to support a range of activities, including the acquisition of land and buildings, inventory, site preparation, construction, rehabilitation, fixed equipment installation, demolition, working capital, research and development, intellectual property, employee training, marketing for new products, employee recruitment, and interest rate buy-down with private-sector lenders.
Rathermel believes this flexibility addresses the diverse business needs necessary for sustainable growth in the county. This flexibility reflects WCRLF's commitment to addressing diverse business needs for sustainable growth in Winnebago County.
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“Given my confidence in Greater Oshkosh’s management of the Winnebago County Revolving Loan Program, I’m optimistic about the opportunities it will create for businesses and residents across our county,” said Winnebago County Executive Jon Doemel in the release.
This new loan program is just one of many offered by the Greater Oshkosh EDC, including the Greater Oshkosh Revolving Loan Fund, Greater Oshkosh Capital Catalyst Fund, Rural Winnebago Revolving Loan Fund, and the Winnebago County and the City of Oshkosh COVID-19 loan programs.
Greater Oshkosh EDC has awarded more than $2.6 million to emerging and expanding businesses, to date, and generated more than $12.9 million in new net investment for the greater Oshkosh area.
Have a story tip or public interest concern? Contact Justin Marville at jmarville@gannett.com.
This article originally appeared on Oshkosh Northwestern: Greater Oshkosh EDC creates $2.7 million revolving loan fund
