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NEW - Small Enterprise Loan Fund (SELF) application now online
WCI has several types of loan programs for different programs
for different types of businesses. We are involved in business
lending to help create, retain or upgrade jobs, which increases
the economic viability of our region. WCI's loan programs are
only available to businesses located within our nine county
area in west central Minnesota.
WCI in considered a "gap" lender. A "gap" lender
typically provides financing when commercial lenders and
the owners are
unable to fully finance a project. For example, if your business
plans a $100,000 expansion, the financing structure may look
like this:
| Commercial Lender |
$65,000
|
| Owner Equity |
$20,000 |
| WCI |
$15,000 |
| Total |
$100,000 |
In this example, the commercial lender
may only be able to provide 65% of the total financing needed
for the project.
If the owners have $20,000 available to invest in the expansion,
it leaves a $15,000 "gap" that could be filled by WCI's loan
programs. WCI's loan would, in most cases, be subordinate to
the commercial lender's loan.
Most loan application forms are not available to download from our web site due to the complex nature of business finance. If it appears the project will qualify for consideration under one of our loan programs, contact us and we will send you the application materials immediately.
The Small Enterprise Loan Fund (SELF) application is now available to download using Adobe Acrobat PDF file format. Acrobat Reader is available on-line and works with most major computer systems and web browsers. It allows you to print the document with all of its original formatting. To download a free copy of Adobe Acrobat, please click on the image below.
Industrial Loan Fund
Applications to this loan fund are usually from $20,000 to $300,000. Most loans
in the Industrial Loan Fund category are to manufacturing businesses. WCI
receives funds from several different sources for this loan program, and
they all have different qualifying criteria for projects.
Business and Industry Loan Fund Application
Small Enterprise Loan Fund (SELF)
SELF applications are for loans from $1,000 to $35,000, and include smaller
loans to businesses in the manufacturing or service sectors. A small number
of loans are made to retail businesses that do not compete with others in
their immediate trade area.
Small Enterprise Loan Fund Application
New Project Development Fund
This loan program in done in partnership with Minnesota
Technology, Inc. Most of these loans are made to people or businesses who
have developed proprietary products. This program provides loans for things
like prototype development, market development, engineering drawings, product
testing, patent opinions, etc.
Childcare Loans
The maximum loan under this program is $3,500. These loans are to help child
care providers obtain or maintain licensure from their country regulating
agency. Most loans are to in-home child care providers, although some non-profit
child care centers may qualify for this program.
Component Fund Loan
Many communities in our region have loan programs for businesses. If you would
like to know if your community has a component loan fund with WCI, please contact our
office or check the Component Funds page. |
