Small Business Start-Up Kit - Page 14

Financial Information When starting a business, one important consideration is where to obtain capital to back your venture. Most start-up businesses require a capital contribution by the entrepreneur, usually 20%. The remaining financing may be available from your local banks or may require private investors. There are several loan programs available to businesses, all of which require bank participation. Examples include the following SBA loans currently available. SBA Guaranteed Loan Program 7(A). This program provides financing to small businesses through guaranteeing a percentage of the bank’s loan to the business. Eligible expenditures are for land and building, machinery and equipment, working capital, and some restructure of existing debt. SBA 504 Loan Program. This program provides financing for small businesses through a low interest, fixed rate, and a long-term loan. The Small Business Administration takes a second line position behind the bank. Eligible expenditures are for land and building, long-life machinery and equipment. CMV Growth Development Fund. The CMV Growth Development Revolving Loan Fund (RLF) is designed to foster growth in economic base activities that are the dominant force in affecting economic growth or decline in the Tri-county area of Crawford, Monroe and Vernon counties.  The fund is targeted to manufacturers, tourism and selected service industries that create jobs.  For further information, call 608.785.9396, email plan@mrrpc.com, or go to www. gomonroecountywi.com/#!incentives/cva3   Monroe County Revolving Loan Fund. The Monroe County Revolving Loan Fund is designed to promote local economic development by providing a source of long term, fixed rate, low interest financing for new and existing business projects that are located in Monroe County.  For further information, call 608.785.9396, email plan@mrrpc.com, or go to www.gomonroecountywi. com/!#incentives/cva3 City of Tomah Revolving Loan Fund. The Housing Authority & the Community Development Program helps individuals and families who meet income and other eligibility guidelines to secure and maintain affordable, safe and decent housing in the City of Tomah. We are governed by a Board of Commissioners from our community that are appointed by the Mayor and confirmed by the City Council. The Community Development Program also promotes economic development and encourages new business start-ups and business expansions that create new employment/ job opportunities. To assist businesses in this endeavor the Community Development Program administers a Business Revolving Loan Fund. For more information, call 608.374.7455 or go to www. tomahonline.com/index.php/dept/housing-community-development Greater Area Tomah Chamber of Commerce Page |14