Financial Assistance | COVID-19
Financial Assistance for Business and Property Owners
There are many reasons a business might look for financial assistance from a public entity. These programs often complement or fill the gap in programs available through our supportive financial institutions. Whether you are creating new job opportunities, expanding your operations, improving your building's facade, or just starting out, the City of Eau Claire and its partners have programs that fit your needs.
Here is a listing of programs available to business or property owners. To apply or request additional information, please contact Aaron White by phone at (715) 839-4914 or through the Contact Form at the bottom of the page.
For both Revolving Loan Funds, Commerical Building Facade Loan, and Micro Loan Program, please review the application deadlines for each meeting. The Loan Administration Board meets on the 1st Wednesday of the month from 11:30 a.m.-1 p.m.
2022 Meeting Dates & Materials Deadline
- February 2 Meeting - Materials submitted by January 19
- March 2 Meeting - Materials submitted by February 16
- April 6 Meeting - Materials submitted by March 23
- May 4 Meeting - Materials submitted by April 20
- June 1 Meeting - Materials submitted by May 18
EDA CARES Revolving Loan Fund (COVID-19 Related Loan)
The EDA CARES Revolving Loan Fund plan is intended to provide a bridge to businesses that are still struggling due to COVID-19. The new fund will provide very specific benefits to businesses that were operating successfully prior to the COVID-19 outbreak and is different than existing programs in the following ways:
- Restaurants are eligible to apply in addition to all other businesses
- Applicants who are requesting up to $5,000 and have been in business for two years or more as of February 1, 2020, can apply through an expedited loan process
- Applicants who are requesting up to $10,000 and have been in business for four years or more as of February 1, 2020, can apply through an expedited loan process
- Minimum loan will be $5,000 and the maximum will be $100,000 with a fixed annual interest rate of 0% if made in the first two years of fund operation
- For loans less than $25,000 there will be no collateral requirement
- Deferred payments available for up to one year
Eligible uses of funds include:
- Physical improvements to business space to meet relevant reopening requirements related to COVID-19
- Equipment to comply with public health and safety guidelines (examples: touchless payment methods, automatic door open sensors, personal protective equipment, or disposable menus)
- Costs and services associated with expanding the business to e-commerce sales
- Other professional services, such as business plan modifications
- Rent, payroll, and other operating expenses
We strongly recommend contacting our office at 715-839-4914 or ecodevo@eauclairewi.gov to help guide you through the process before filling out the application.
Guidelines: EDA CARES Revolving Loan Fund Guidelines
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Revolving Loan Fund (Economic Development Administration)
Eligibility: Any manufacturing, commercial, service, or creative economy businesses (excluding restaurants) located within the Eau Claire city limits, and those targeted businesses of the City. This program targets at least one job created or retained for each $35,000 that is loaned. Eligible uses of funds include the purchase of capital equipment, purchase of a facility, new construction, rehabilitation, reuse, and renovation of buildings, and working capital.
Terms: $35,000 loaned per each job created or retained. Maximum loan is $150,000. The maximum term is ten years. The fixed annual interest rate shall not be less than the lower of 4% or 75 percent of the prime rate listed in the Wall Street Journal. Direct loans may charge higher per the risk.
Guidelines: Revolving Loan Fund (EDA) Guidelines
More Information on the Program: Revolving Loan Fund Plan
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Revolving Loan Fund (City of Eau Claire)
Eligibility: Any manufacturing or service business, excluding restaurants, located in the City of Eau Claire that has been in business for at least three years and demonstrates an ability to repay the loan. Eligible uses of funds include permanent working capital; inventory purchases and supplies; acquisition of equipment, machinery, furniture and fixtures; leasehold improvements; building renovation and rehabilitation; and real estate acquisition.
Terms: The loan amount ranges between $10,000 and $100,000. The term of the loan will vary depending on the collateral and uses of funds. Interest rate is a 4% fixed annual rate.
Guidelines: Revolving Loan Fund (City) Guidelines
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Commercial Building Facade Loan Program
Eligibility: All property owners, businesses, and tenants located in the City of Eau Claire in areas zoned commercial or the central business district (Downtown) as defined by the district map adopted by the Eau Claire City Council. Startup businesses are eligible but must provide an acceptable business plan and show sufficient management background and an equity position in the business. Applicants must demonstrate an ability to cash flow the projected debt service and to operate a business successfully.
Terms: The loan amount ranges between $5,000 and $30,000. The repayment term shall be no longer than 7 years. The loan may be amortized up to 15
years. There is no prepayment penalty. Interest rate is 0%.
Guidelines: Commercial Building Facade Guidelines
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Micro Loan Program
Eligibility: Any manufacturing, commercial, or service business, excluding restaurants, located in the City of Eau Claire that has been in business for three (3) years or less and demonstrates an ability to repay the loan. Eligible uses of funds include permanent working capital; inventory purchases and supplies; acquisition of equipment, machinery, furniture and fixtures; leasehold improvements; building renovation and rehabilitation; and real estate acquisition.
Terms: The loan amount ranges between $5,000 and $30,000. The term of the loan will vary depending on the collateral and uses of funds. Interest rate is a 4% fixed annual rate.
Guidelines: Micro Loan Program Guidelines
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Job Credit / Building Credit Program (City of Eau Claire)
Eligibility: Manufacturers locating in the Gateway Business Parks that will create new jobs are eligible. Eligible uses of funds include fixed assets; capital equipment purchases; land and facility purchase; remodeling and rehabilitation. Subject to approval by Eau Claire City Council.
Terms: $1,000 credit per $100,000 building valuation; $1,000 credit per each job created.
Call today for minimum investment requirements and how to apply!
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Property Assessed Clean Energy (PACE)
Eligibility: Eau Claire County is participating in this statewide program that enables property owners to obtain low-cost, long-term financing for energy efficiency, renewable energy, and water conservation building improvements. It allows private sector lenders to provide upfront financing (usually for 100 percent of the cost of energy-saving improvements) to property owners for qualified projects. A wide range of property types and improvement projects are eligible. See here for eligibility.
Terms: The term should not exceed the expected life of the proposed improvements as described in the required Energy Assessment. For projects that include multiple improvements, the weighted average useful life of the new equipment must equal or exceed the term of the PACE Financing. Depending on the equipment installed PACE Financing terms are often made for up to 20 years long. See here for property owner FAQ.
Pre-Application to Verify Eligibility
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Technology Enterprise Fund (Regional Business Fund)
The Regional Business Fund, Inc. (RBF) offers this "quasi-equity", or a patient debt, revolving loan fund that provides creative financing to new and emerging technology companies.
Eligibility: Any business engaged in the activities of research, development, or manufacturing of advanced products or materials for use in the technology industry. See their Technology Enterprise Fund webpage for more information on eligibility, financing terms & conditions.
CONTACT RBF TO APPLY
Disaster Recovery Microloan Program
The West Central Wisconsin Regional Planning Commission (WCWRPC) is the regional administrator of this Wisconsin Economic Development Corporation program. The Disaster Recovery Microloan Program works to provide short-term financial assistance to businesses affected by a natural or manmade disaster event.
Loans are up to $15,000 at a 0% fixed rate up to 24 months.
See this one-page flyer for more information.
CONTACT WCWRPC TO APPLY
HUBZone Certification (Historically Underutilized Business Zone)
Some areas of Eau Claire have been designated as HUBZones. To view a map of our HUBZone locations and information on becoming a certified HUBZone business, visit www.sba.gov/hubzone/.
Eligibility: A small business must meet all of the following criteria to qualify for the HUBZone program:
- it must be located in a "historically underutilized business zone" or HUBZone.
- it must be owned and controlled by one or more US Citizens.
- at least 35% of its employees must reside in a HUBZone.
Advantage:
- HUBZone firms receive preferential treatment on Federal contracts.
- Eligible HUBZone firms can qualify for higher SBA-guaranteed surety bonds on construction and service contract bids.
Application: Fill out an application online at www.sba.gov/hubzone/
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Chippewa Valley Angel Investors Network
Eligibility: The angels usually meet with entrepreneurs or businesses with a service or product that will yield high growth financial results, and present a reasonable exit strategy.
Terms: Equity financing. Most deals fall in the $500,000 range.
Application: Contact Pete Marsnik at 715-878-9791.
Industrial Revenue Bonds (City of Eau Claire)
Eligibility: Must be a manufacturing business or operator of sewage, solid waste, transit or dock/wharf facilities. State volume cap does apply on a first come first serve basis each year.
Terms: Loan Program. Long-term bond issued by the municipality, backed by the company or project being financed. Fixed or variable interest rates are below market rates.
Application: Industrial Revenue Bonds Application
Industrial Revenue Bond Guidelines
Industrial Revenue Bond Policy for Review of Financing
Industrial Revenue Bond Application
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Tax Increment Financing (TIF)
The City of Eau Claire has multiple Tax Incremental Districts (TIDs) that can provide financial assistance for a variety of projects.
View the TIF Guidelines and Policy