The Oconto County Economic Development Corporation is charged with fostering economic development in Oconto County. We do this in a number of ways including working with prospects and leads, providing data and information on the County, compiling available buildings and sites information, and working with new business start ups. However, our major economic development tool is our loan program which is available to new and expanding companies. The Micro Loan Program, is described below.
WHAT IS A BUSINESS MICRO LOAN?
The Oconto County Economic Development Corporation (OCEDC) believes that investing in entrepreneurs strengthens our economy and builds a better community. OCEDC now provides micro business loans to meet the needs of our small business owners who want to expand their existing business, purchase equipment, or need extra working capital for other expenses. A key objective is to assist business owners who have difficulty accessing traditional financing options. Click here for brochure!
HOW DO YOU QUALIFY FOR A BUSINESS MICRO LOAN?
the qualification for a micro loan can be slightly different than those for a standard business loan, as micro loans tend to be for smaller financial amounts and shorter terms by design. Most for-profit businesses are eligible for business micro loans, although a number of factors can affect this decision.
Eligible applicants cannot have annual sales over $1 million over each of the past two years and must have fewer than 25 employees. The applicant must provide matching funds in the amount of 25% of the total project cost. Only for-profit businesses in Oconto County are eligible for the program.
Each business’ financial situation is unique. To best determine if your business qualifies for a micro loan, contact OCEDC and one of our staff members can help.
TERMS & CONDITIONSS
- Loan Size: $1,000-$10,000
- Terms: Cannot exceed five years
- Interest Rate: 3%
- Prepayment Penalty: None
- Collateral: Required
- Guarantees: Unlimited personal guarantees are required from any person with 20% or greater ownership in the business.
WHAT CAN YOU USE BUSINESS MICRO LOANS FOR?
Micro loans, thanks to their size (a maximum of $10,000), can be pretty versatile when it comes to financing the needs of your small business. A few more common uses for micro loans include:
- New equipment, including small machinery
- Inventory purchases
- Leasehold improvements
- Building renovations/rehabilitation
- Natural disaster recovery
- Real estate acquisition
Applications for the Micro Loan Program are available from OCEDC directly or can be downloaded here!
OTHER MAJOR FUNCTIONS OF THE OCEDC
We assist entrepreneurs and new business start-ups and to work proactively to retain existing businesses in the County. We work closely with service providers at agencies such as Northeast Wisconsin Technical College (NWTC) and the Small Business Development Center (SBDC) at the University of Wisconsin – Green Bay to make certain that start-ups and emerging businesses get the help they need to succeed.
Small Business Development Center
U.S. Small Business Administration
NWTC Entrepeneur Resource Center
For more information contact:
Paul W. Ehrfurth, Executive Director
Oconto County Economic Development Corporation (OCEDC)
1113 Main Street, Oconto WI 54153
Phone: (920) 834-6969