Did you know that many municipalities in Walworth County offer various revolving loan funds? A revolving loan fund (RLF) is a gap financing measure primarily used for development and expansion of small businesses. It is a self-replenishing pool of money, utilizing interest and principal payments on old loans to issue new ones.
Walworth County Economic Development Alliance is the county’s lead economic development agency, working with our state, regional and local business development organizations to create customized solutions supporting economic growth. These solutions come in the form of capital investment, community development and partnership support. There are several options to obtain capital for your new or existing business, including traditional lenders, government lenders, grants and bonds and non-profit lenders.
Types of Lending
- Traditional lenders are typically banks and have their own guidelines and rates for different types of loans.
- Government lenders typically partner with the Small Business Administration (SBA). The SBA is a U.S. Government body, with the motive of providing support for small businesses and entrepreneurs. For information on government lending, visit www.sba.gov.
- Bonds are funded by your tax dollars and, therefore, require very stringent compliance and reporting measures to ensure the money is well spent.
- Non-profit lenders can help consumers and business owners with loans for housing, economic development and business.
WCEDA offers the Hometown Entrepreneur Loan Program (HELP). For more information on how to apply, select the Capital tab from the dropdown menu at the top of this website and click Non-profit Lenders.