Calumet County  Planning Department through its partnership with the Department of Commerce administers a Business Revolving Loan Fund (RLF) Program.  This business loan program is designed to create or retain new and existing businesses in Calumet County and provide business loans on a companion basis with other financing resources such as public sector loans or other government loan programs.

Since 2001 the County RLF has helped 11 businesses from a range of industries including dairy farmers, retail, professional services, and manufacturers.  In total $2,731,000 has been loaned out and the average loan size is $50,000.  These companies have created 185 new jobs in Calumet County:

Basics on the program are defined below; however, if you want more information Kelly Hoxtell at (920) 849-1493, ext. 790, or by email at hoxtell.kelly@co.calumet.wi.us.

Eligible Activities

• Land, buildings, machinery and fixed equipment acquisition.
• Preparing site locations and installation of equipment.
• Construction, expansion, rehab or removal of existing buildings.
• Working capital (inventory and direct labor cost only).

 Eligibility Requirements

• Private Funds Leveraging: Must leverage a minimum of one dollar of private funds for every dollar of loan funds requested.
• Job Creation: At least one full-time equivalent position must be created or retained for every $20,000 of funds requested.
• Feasibility: Each Applicant must demonstrate that their project is viable and there is the ability to repay.
• Employment: At least 51 percent of the jobs created or retained must be made available to persons of low to moderate income as defined by the Federal Government.
• Location: Activities financed must be located within Calumet County.

 Terms and Conditions

• Loan Amount: Loans amounts are subject to availability of funds.
• Interest Rate: The annual rate of interest is 4 percent.
• Loan Terms: Maximum loan terms are:
  • Real Estate 12 years
  • Fixed Equipment 10 years
  • Working Capital 7 years
  • In any case, the loan shall not have a term longer than the terms of any private financing in the project.
• Collateral: The County seeks to have the best possible collateral position that ensures loan fund security.

 Application Requirements

• Applications may be submitted at any time and will be processed in the order received.  Application packages must include the following items:
• Business Plan: Includes company history, industry trends, marketing plan, and identification of customers, suppliers, and competitors
• Financial History: Balance sheet and profit and loss statements for the last three years.
• Resumes: Required for owners and people listed as management.
• Commitments: Documentation of commitment from all private and/or public lenders providing project loans.  Documentation shall include loan conditions and terms (amount, interest, rate, term, and security required).

 Application Review

•  Staff initially reviews applications for completeness and confirms that eligibility requirements are met.
• The Calumet County Revolving Loan Fund Committee serves as the county loan review board.  Once their review is complete, a recommendation is made to the Calumet County Finance and Audit Committee.
• If the application is approved, a closing is scheduled to execute the necessary loan documents.
• If rejected, the applicant will receive a letter that explains the reasons for this decision.