Sheboygan County Revolving Loan Fund
Sheboygan County created a pool of money through the Federal Community Development Grant (CDBG) Program for the establishment of a business Revolving Loan Fund (RLF). This fund was designed to create a low-cost alternative financing option for small businesses and start-ups in the county. The RLF program included interest rates and loan maturities that were designed to encourage business development, private investment, and job creation in Sheboygan County, Wisconsin.
As of February 1st, 2019 the Wisconsin Department of Administration closed the Sheboygan County RLF under the CDBG-CLOSE program. Community Development Block Grant - CLOSE (CDBG-CLOSE) is designed to provide the necessary regulatory and financial flexibility for communities to address local needs while simultaneously addressing the U.S. Department of Housing and Urban Development’s (HUD) concerns regarding Revolving Loan Funds. The Wisconsin Department of Administration has determined that the best course of action is to liquidate the remaining funding and to ultimately close all Revolving Loan Funds.
Municipalities in Sheboygan County that continue to have an RLF program include Plymouth and the City of Sheboygan.
SCEDC continues to work with entrepreneurs to find alternative financing options for small businesses and start-ups in the county.
Please contact Ray York, Entrepreneurial Specialist, at the SCEDC for more information. (920)452-2479