Fitchburg Revolving Loan Fund

The City of Fitchburg provided $375,000 to the Fitchburg Community and Economic Development Authority to capitalize a revolving loan fund. These funds will be available to existing businesses and prospects planning to locate in Fitchburg. The goals of the program are:

  • To encourage a proactive and positive business climate
  • To expand and diversify the tax base
  • To facilitate existing business expansions
  • To assist small businesses and startups
  • To target clean industries, especially high tech manufacturers, research and development companies, and businesses that export
  • To attract new businesses to Fitchburg
  • To promote a diverse mix of employment opportunities that offer good wages and comprehensive benefit packages.

Eligibility

Applicants must be an existing Fitchburg business or new business looking to locate in Fitchburg. Activities eligible for fund through this program include:

  • Land acquisition
  • Building acquisition
  • Building construction, including site preparation
  • Building rehabilitation or renovation
  • Machinery and equipment
  • Working capital
  • Loan guarantees

Terms

The terms and conditions of the Fitchburg Revolving Loan Fund are as follows:


Loan Amount

  • $10,000 - 50,000 subject to availability

Interest Rate

Fixed term, may range from zero during a period of deferred but capitalized interest to market rate defined as the prime rate of interest as published in the Midwest edition of the Wall Street Journal plus 2 percent


Loan Terms

  • Machinery, equipment, fixtures up to 10 years, tied to the life of the asset
  • Buildings and land, up to 20 years
  • Working capital up to seven years
  • The term of the loan shall not have a longer term than the terms of the other private financing in the project

The Fitchburg Community and Economic Development Authority (CEDA) reserves the right to increase the maximum loan amount based on sufficient collateral and risk analysis of the projects.


Application Process

  • Request an application
  • Determine eligibility
  • Complete application
  • Submit financial statements for the three most recent years
  • Include a business plan

Contact Information

For more information or to request an application please contact:

City of Fitchburg Economic Development Department

5520 Lacy Rd.

Fitchburg, WI 53711

Ph: 608-270-4245 or 608-270-4246

Fx: 608-270-4212