CARES Act Revolving Loan Fund

The Department of Commerce's Economic Development Administration (EDA) has partnered with the Mississippi River Regional Planning Commission (MRRPC) to oversee and administer a new $1.05 million CARES Act Business Revolving Loan Fund program. This program will help businesses in Buffalo, Crawford, Jackson, La Crosse, Monroe, Pepin, Pierce, Trempealeau and Vernon Counties. The federally sponsored money is focused on job retention and expansion, so $42,000 can be loaned out for every job retained or created. These funds are intended to help new and existing businesses and non-profits open up or expand. Loan payback terms are flexible and the interest rates will be 4%-5% on average. These funds can help new and existing businesses buy new equipment or help fund ongoing operations.

Eligibility

To be eligible, a business must:

• Utilize the loan for equipment, working capital, or real estate
• Be located within the MRRPC 9 county region (Buffalo, Crawford, Jackson, La Crosse, Monroe, Pepin, Pierce, Trempealeau, and Vernon)
• Demonstrate the ability to pay back the loan

Finance Terms and Conditions

• Loan sizes from $10,000 to $150,000
• Repayment terms are up to fifteen years
• Interest rates as low as 4%
• Deferrals of principal and/or interest payments may be allowed for up to 12 months
• Collateral is required
• Unlimited personal guarantees are required for any owner with a 20% or greater ownership interest in the business
• Up to $42,000 loaned per job created or retained

Application Procedure

Interested businesses can complete and submit applications directly to Mississippi River Regional Planning Commission. Applications are processed on a first come first serve basis.