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Vernon County Economic Development opens up applications for low interest business loans

VIROQUA, Wis. – Vernon County Economic Development Coordinator Christina Dollhausen reports that Vernon County is once again offering low interest loans to area businesses, and the program has been improved this time around. Dollhausen says the the interest rate for Vernon County ED Loans is now set at 60 percent of prime and the goal of the program is to partner with, and assist start-ups, business expansions, equipment purchases, real estate purchases and more.  

Vernon County Economic Development Coordinator Christina Dollhausen

Dollhausen went on to say there will be an emphasis on lending for workforce housing and childcare facility development. 

If you have any initial questions, contact Christina Dollhausen, Vernon County Economic Development Coordinator

christina.dollhausen@vernoncounty.org

608-209-7727

Here are some the types of business loans available and their terms. 


CAPITAL FUND – ($2500-10k)

Purpose is to encourage business expansion/retention and assist with business start-ups

Range: $2500 to $10,000

Term: $2500-$5000 either max term of 24 months. 

$5001-$10,000 max term of 36 months.

Interest Rate: Fixed rate at 60% of Prime, with a ceiling of 10% and floor of 3%


GAP FUNDING:

Purpose is to assist with down payments as well as fund larger portions of projects.

Equipment Loans – (up to $50k)

Maximum Loan of $50,000 to be applied to up to 80% of value of equipment. Borrower to put 20% cash down or pledge the same in equity.  Term: 5 years or less, with max amortization of 10 years.

Real Estate Loans  (up to $250k)

Maximum Loan of $250,000 and be applied to up to 90% of real estate value.  Borrower to put a minimum of 10% cash

Interest Rate: Fixed rate at 60% of Prime, with a ceiling of 10% and floor of 3%

See more Loan information, loan manual and application here on Vernon County.org – Economic Development:  https://www.vernoncounty.org/departments/economic_development/finance_terms_and_conditions.php  

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