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Loan programs available for Florence businesses

FLORENCE, Wis. – Current Florence County business owners and new entrepreneurs can make use of two loan programs administered by Florence County Economic Development Commission (FCEDC) to help start or grow a business.

The Gemstar Micro Loan program can loan $1,000 up to $10,000 at 3 percent interest for a five year term to purchase equipment, inventory or other needs to grow a business. This program started in 2011 in partnership with MarinetteCounty Association of Business & Industry and Northeast Wisconsin Technical College with funding from a USDA Rural Development grant.

The RLF Loan Program can lend from $10,000 up to $100,000 at 4 percent interest for terms varying from seven years for inventory,10 years for equipment and up to 12 years for real estate. Loan size is based on creating or retaining one job for every $20,000 loaned out.The RLF loan request must be matched by equal private money or a commercial bank loan.

Applicants for both programs must submit a business plan along with the application. FCEDC provides the service of professional business counselors to help you write a business plan for free.

These loan programs are intended to be the extra money to help make a project happen.

For more information, call FCEDC Director Wendy Gehlhoff at (715) 528-3294.

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