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EDA CARES Act Recovery Assistance Revolving Loan Funds Available

Post Date:07/29/2020

The Economic Development Administration (EDA) has been awarded funds for a new EDA CARES Act Recovery Assistance Revolving Loan Fund to assist small businesses most impacted by the COVID-19 pandemic by assisting with long-term, fixed rate, low-interest working capital financing.

Applications will be accepted on a first-come, first-serve basis until funds are diminished. Any business in the seven county region (Barron, Chippewa, Clark, Dunn, Eau Claire, Polk, and St. Croix) meeting the below eligibility requirements will be eligible to apply (City of Eau Claire included). Highlights of the new program are:

  • Loans will be limited to small businesses with 10 fulltime equivalent (FTE) employees or less
  • Loans will be limited to certain industry sectors believed to be most affected by the COVID-19 pandemic:
    • Manufacturing (NAICS 31-33)
    • Retail Trade (NAICS 44-45)
    • Health Care and Social Assistance (NAICS 62)
    • Arts, entertainment and recreation (NAICS 71)
    • Accommodation and food services (NAICS 72)
  • Other services (NAICS 81)
  • Use of loan funds is for working capital
  • Minimum loan size of $5,000 and maximum loan size of $10,000
  • Term of 7 years
  • Option of 12-month payment deferral or interest-only period
  • Interest rate will be 1% for the first two years, and then will increase to 2% in subsequent years
  • No prepayment penalty
  • Matching funds/other financing is not required
  • Can be utilized in conjunction with any other loan or grant program

Interested businesses should submit applications to the West Central Wisconsin Regional Planning Commission.

For more information contact:

Tobi LeMahieu or Heidi Biesterveld
West Central Wisconsin Regional Planning Commission
800 Wisconsin Street, Banbury Place, Mail Box 9
Eau Cliare, WI 54703

Phone: 715-836-2918
Fax: 715-836-2886