The Regional Business Fund, Inc., (RBF, Inc.) is a non-profit economic development corporation whose purpose is to promote business and economic development in west central Wisconsin.  The RBF, Inc. offers loan funds to business that expand within the region, diversify the economy, add new technology and create quality jobs and capital investment in the region.  Below are descriptions of loan programs available through the RBF, Inc.  The funds are available for businesses within the Wisconsin counties of Barron, Chippewa, Clark, Dunn, Eau Claire, Polk, and St. Croix.

BUSINESS REVOLVING LOAN FUND

The Business Revolving Loan Fund (RLF) is a flexible source of loan funds for commercial and indus- trial projects.  The purpose is to encourage the creation of quality jobs and to increase the tax base.

ELIGIBILITY

• Be located within the seven county region or propose to locate within the seven county region.
• Create and retain jobs, of which at least 51% will be available to low and moderate income (LMI) persons which can be met by posting job openings with Job Service.
• Demonstrate that it can repay the loan.

Interested businesses submit applications to their local County Economic Development Corporation or directly to the West Central Wisconsin Regional Planning Commission.  For a copy of the application click here.

DOWNTOWN FACADE LOAN PROGRAM

The Downtown Facade Loan Program provides financial assistance to encourage property and business owners in core downtowns to revitalize downtown commercial buildings within towns, cities, and villages of west central Wisconsin. An application for the Downtown Facade Loan Program can be found here.

ELIGIBILITY

• Be located within designated downtown boundaries of eligible towns, villages, and cities.
• Demonstrate ability to repay the loan.
• Keep property taxes current.
• Provide acceptable design plans.

APPLICATION PROCEDURE

• Review design guidelines provided by community.
• Complete and submit application and design plans to the primary contact at the local government unit (i.e., City/Village Hall).
• Application and design plans are reviewed by loan committee and a decision will be made.

MICRO LOAN FUND PROGRAM

The Micro Loan Fund Program provides small loans to startup, newly established, or growing small businesses. The key objective is to assist business owners, who have traditionally had difficulty accessing debt financing, by affording them another alternative to obtaining credit.

ELIGIBILITY

• Applicants must be located within the seven county region or propose to locate within the seven county region.
• Have annual sales less than $1 million OR have 25 or fewer employees.
• Demonstrate ability to repay the loan.

Eligible activities include:  new working capital; inventory purchases and supplies; acquisition of equipment, machinery, furniture and fixtures; leasehold improvements; building renovation and rehabilitation; real estate acquisition; natural disaster recovery.

Interested businesses submit applications to the local County Economic Development Corporation or directly to the West Central Wisconsin Regional Planning Commission.  A copy of the application can be found here.

TECHNOLOGY ENTERPRISE FUND (TEF)

The Technology Enterprise Fund (TEF) is a "quasiequity", or a patient debt, revolving loan fund that provides creative financing to new and emerging technology companies.

ELIGIBILITY

• Locating, or agreeing to locate, their primary operation to Barron, Chippewa, Clark, Dun, Eau Claire, Polk, or St. Croix County.
• Being a technology specific business either possessing and/or developing patentable technology or intellectual property.
• Having fewer then 100 full time equivalent employees, a strong market outlook, a comprehensive business plan, solid prospects for full-scale commercialization, and a likelihood to attract follow-on funding.
• Forming an experienced management and technical team that has a meaningful ownership interest in the business.
• Raising at least a dollar-for-dollar (1:1) amount of "fresh" private capital.  Prior investments in the form of in-kind support and/or equipment contributions may quality as private match.  "Fresh", for this purpose, is defined as being placed in service nine months or less from the date the TEF application is received.

• Working capital used in the research and development, testing, and/or commercialization of a product process or service.
• Equipment and other fixed asset purchases that are essential in the research and development of an innovative technology.

FINANCING GUIDELINES

• Loans ranging in size from $100,000 to $200,000.
• All loans are risk priced at a variable rate of Prime plus 200 to 800 basis points.  The TEF may also require warrants, conversion rights, royalties or other success fees to mitigate risk and provide for appropriate levels of upside participation.
• Loan terms shall not exceed five years.  Repayment options, including deferrals and interest-only periods, are negotiable.
• A security interest in all of the company's assets, including the technology associated with or developed during the life of the loan, will usually be required as collateral.  In cases where another party owns certain technology, the company must have a proper licensing agreement in place.
• Debt subordination shall be permitted.
• Unlimited personal guarantees are required for any owner with greater than 20% ownership interest in the business.

A $250.00 non-refundable fee is due upon application submission.  Upon credit approval and commitment acceptance, a non-refundable documentation preparation fee equal to 1% of the committed capital will be charged.  Said fee may be financed form the loan proceeds at closing.  All customary out-of-pocket fees and legal costs made in connection with the transaction are the applicant's responsibility.

FOR MORE INFORMATION

Char Gurney or Beth Waldhart
West Central Wisconsin Regional Planning Commission
800 Wisconsin Street
Mail Box 9
Eau Claire, WI  54703
Phone:  715.836.2918
Fax:  715.836.2886
Email:  cgurney@wcwrpc.org             bwaldhart@wcwrpc.org