Chippewa Falls Industrial Development Corporation Revolving Loan Fund
The area served by the RLF program shall generally lie within the corporate limits of the City of Chippewa Falls. The RLF Committee may consider loans to businesses outside the corporate limits if there is a considerable economic benefit to the City of Chippewa Falls.
- Applications may be submitted by the sole proprietor, managing partner, Chief Executive Officer of any business wishing to establish a new operation or expand an existing operation in the City of Chippewa Falls;
- Eligible applicants should be businesses engaged in the manufacture or production of products and/or services;
- No member or family member of the RLF Committee who exercises decision-making functions or responsibilities in connection with the implementation of this program is eligible for financial assistance under this program;
- Applicants shall not be disqualified or discriminated against because of age, race, religion, color, handicap, sex, physical condition, development disability as defined in s. 51.01(5), sexual orientation, or national origin.
Program loans shall be available to eligible applicants for the following activities:
- The acquisition of land, buildings, and fixed equipment;
- Site preparation, the construction or reconstruction of buildings, or the installation of fixed equipment;
- Clearance, demolition, or removal of structures, or the rehabilitation of buildings and other such improvements;
- Acquisition of land, buildings, or the rehabilitation of an existing building to be used as a business incubator;
- Working capital.
Program loans shall not be available for the following activities:
- Refinancing or consolidating existing debt;
- Specialized equipment not essential to the business operation;
- Residential building construction or reconstruction (unless such reconstruction is intended to convert the building to a business or industrial operation);
- Routine maintenance;
- Other activities the IDC Board may identify during the administration of the program.
Program loans shall not be available for the following businesses:
- Speculative investment companies;
- Lending institutions;
- Gambling operations;
- Non-public recreation facilities;
- Retail or commercial businesses. Specifically businesses with NAICS Industry Sector Codes 44-45 and 72.
To be eligible for funding, a proposed project must meet all of the following minimum requirements:
- Private Funds Leveraged. The applicant must leverage private funds in conjunction with requesting RLF funds;
- Financial Feasibility and Business Viability. The applicant must demonstrate that the proposed project is viable and that the business will have the economic ability to repay the funds;
- Compliance with Applicable Laws. Applicants shall comply with all applicable local, state, and federal laws and codes
- Economic Benefit. Applicants must demonstrate the economic benefit to the City of Chippewa Falls associated with the proposed project.