Microloan helps metal & wood artist open new business in Oconto County
March 29, 2022
OCONTO, Wis. (WFRV) – Scrap Yard Industrial Works is one of the newest businesses in Oconto County, and it got off the ground thanks to a microloan from the Oconto County Economic Development Corporation.
According to Oconto County officials, 22-year-old Bryce Hearley has opened Scrap Yard Industrial Works. He opened it with the help of a $10,000 microloan from the Oconto County Economic Development Corporation.
Hearley bought a vacant building in Oconto, and plans to turn it into a metal arts and carpentry shop. His building is reportedly the Pecor Street building.
The Oconto County Economic Development Corporation says they give micro business loans to entrepreneurs who need extra capital to start a business. They are available to small business owners who are looking to expand their business, buy equipment or pay for other expenses.
“Qualifying for a microloan is slightly different than qualifying for a standard business loan,” said Samantha Boucher, OCEDC tourism director, “plus microloans tend to cover smaller amounts and have shorter terms.”
In order to be eligible, businesses in Oconto County must have less than 25 employees and less than $1 million in annual sales.
Hearley used the loan to help cover the down payment. Before buying the building, he reportedly worked mostly in clients’ homes or in an unheated shop behind his parents’ business.
This location will give him a heated shop to build projects in before installing them at homes or businesses. Hearley said the location is going to help grow his business.
“It’s going to give me a spot to really grow my business,” said Hearly.
Those interested in custom carpentry and metal art from Hearly can call 920-544-3121. More information about the microloan program can be found here.
Click here for more information.