The city of Elkhorn is ready and willing to help new businesses plus those that want to add or retain employees.
That was the message Elkhorn Finance Director Jim Heilman shared with Rotary members on March 28th. The city has $1.75 million available through its Community Development Block Grant Program. Companies can borrow up to 50 percent of the total loan amount needed.
Heilman said the revolving loan program began with $730,000. Thanks to payback over the past few decades, there’s now $2 million in the pot. With three or four ongoing loans, that leaves $1.75 million for new projects.
Heilman said interest in the program has slowed over the years; in fact there’s been only one application in the past four years. Part of Heilman’s job is getting the word out about this great opportunity.
Interest rates generally start at 4%, but the city is willing to go down to as low as zero temporarily to help make a company successful. The rate is set by the board of directors after reviewing applications. Loans are characterized for asset life of eight to 20 years, with a balloon payment.
Program rules call for creation of one full-time employee job for two years for each $30,000 borrowed, and 51% of the jobs have to go to low to moderate income people. Companies can work with Job Service and the Wisconsin Department of Workforce Development system to attract applicants.
For more information, contact Heilman or Asst. Finance Director Jessie Bartmann at the City of Elkhorn Finance/Treasurer Office, 9 S. Broad St., Elkhorn, WI 53121 or by phone at (262) 723-2219 Ext. 2, between 8 a.m. and 4:30 p.m. Monday through Friday. Their email addresses are
jheilman@cityofelkhorn.org and
gbartmann@cityofelkhorn.org.
