Loans are available to businesses and organizations located outside of Madison. Funds from the RLF program were derived from CDBG funds, and projects must meet all CDBG program requirements.
Acquisition of land, buildings, and fixed equipment; site preparation; clearance of land; rehabilitation of buildings; working capital; and public utility assessments. Loans are also available to assist dairy producers undertaking capital improvements that will increase milk production.
Minimum loan size is $25,000; maximum loan size is based on availability of funds. The loan term is equal to the useful life of the assets financed. Interest rates are generally two percent above prime; however, lower rates can be negotiated based on need. A loan fee equal to 1% of the total loan amount is due at the time of the loan closing. Loans may be repaid at any time without penalty, however, pre-payment will not exempt the Borrower from the job creation/retention requirements.
Prior to submitting an application, potential borrowers should contact the Office of Economic and Workforce Development to set up a pre-application meeting with staff to determine preliminary eligibility and fundability of proposed project.
Loan applications may be submitted at any time. Three (3) copies of the completed application and all accompanying materials must be mailed to:
Dane County CDBG-RLF Administration
City-County Building, Room 421
210 Martin Luther King Jr. Blvd.
Madison, WI 53703