The City of Black River Falls still has funds available for the COVID-19 Recovery Microloan (CRM) Program to provide immediate financial assistance to businesses in the City of Black River Falls that have been financially affected by the COVID-19 outbreak.
LIMIT ONE LOAN PER BUSINESS
Individual businesses may apply for loans up to $10,000. The City of Black River Falls will utilize up to $650,000 from the Economic Development Revolving Loan Fund. The microloans will be 0% Interest with no application fee and no penalty for early payment. Payments will be deferred for 6 months or more with repayment terms of up to 5 Years (60 months).
Eligible businesses must:
- Be located in the City of Black River Falls or within 2 miles of the city limits.
- Have suffered measurable financial losses.
- Intend and have the ability to resume business operations in the City of Black River Falls as soon as possible.
The following businesses are NOT eligible for microloans: businesses with more than 50 employees, residential rental/lease companies, non-profits, financial institutions, liquor stores, home based businesses with less than $50,000 in gross revenue, payday loan and title companies, and telemarketing businesses other than inbound call centers.
CRM funds may be used for the following activities:
- Payroll – including FFCRA mandated paid emergency leave
- Rent / Mortgage payments
- Operating supplies and expenses
- Other Debt Payments
The CRM is considered a short-term source of funding to assist impacted businesses with immediate and short-term needs during and following the COVID-19 outbreak. Additional local, state, and federal financial assistance programs available through local lenders, the Wisconsin Economic Development Corporation (WEDC), the Small Business Administration (SBA), and others will play an important role in the business recovery process. Business owners should contact their lender and visit the WEDC website for more information on these resources.
CRM funds will be administered by the City of Black River Falls. Applications are available on the City’s website at: Economic Development or by emailing the City Administrator at firstname.lastname@example.org .