Small Business Loan Program announced at WCTC

September 26, 2011

From “Small Business Loan Program” —  Plans for a small business gap funding program for Waukesha County was announced Wednesday at WCTC.

Waukesha County Executive Dan Vrakas announced plans for the creation of a small business gap funding program at a press conference held Wednesday at WCTC.

The program, developed by a committee that included Russ Roberts of the WCTC Small Business Center, will help companies wishing to expand their operations within Waukesha County. Under the program, businesses will be able to borrow up to $50,000 to help fill their capital requirements to secure larger funding needs through banks and other financial sources. The loan will be interest free for a maximum of 3-5 years, and at the end of the loan term, the borrower will either pay back the loan in full or convert to an interest-bearing short-term loan. Acceptable uses of funds will include working capital for a special project, inventory, equipment and facility build-out. The first phase of the program will be capped at $300,000.

Roberts called the loan program an “exciting initiative” designed to help established businesses expand their operations and increase job creation in Waukesha County.

“The WCTC Small Business Center is proud to be a partner in this innovative program aimed at providing county small businesses with a new path to accessing capital,” Roberts said. “We look forward to helping our county businesses leverage this loan program to reach the next level of success.”



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