Outagamie County creates COVID-19 loan program

Posted on Apr 24, 2020 :: Insight on Business, Web Exclusive
Posted by of Insight Publications

Outagamie County has launched the COVID-19 Business Assistance Program in collaboration with the Fox Cities Regional Partnership, the economic development division of the Fox Cities Chamber of Commerce.

The new program offers local businesses experiencing economic challenges from COVID-19 quick access to capital. By repurposing an existing revolving loan fund, Outagamie County dedicated $250,000 to the COVID-19 Business Assistance Program.

The program is offering loans ranging from $5,000 to $20,000 with a three- to five-year repayment term, 2 percent interest, and deferred principal and interest for at least six months. Loans support basic business needs, including rent/mortgage payments, utility payments, payroll expenses and pre-existing purchase orders. In addition, loans may support business upgrades and changes in response to COVID-19.

“Businesses, especially small businesses, have been hit hard. It needs to be acknowledged that from every corner of the county, the business community has done everything possible to protect public health, even if it has meant they making among the greatest sacrifices,” said Outagamie County Executive Tom Nelson. “Outagamie County’s program will provide a financial bridge to help businesses through these turbulent times.”

Impacted Outagamie County businesses that are interested in applying for funds can learn more here or contact Fox Cities Regional Partnership staff: Jennifer Brown, Fox Cities Regional Partnership & Chamber of Commerce, (920) 819-4175, [email protected]; or Jayme Sellen, Fox Cities Regional Partnership & Chamber of Commerce, (920) 254-0406, [email protected]

The Outagamie County loan committee will review applications on a regular basis. Businesses are also encouraged to review other available options locally, through the state and through the federal CARES stimulus package.