Wright County Economic Development
Revolving Loan Fund
Guidelines
Monies may be lent up to $10,000 per each new job created or saved.
Interest rate plus or minus 5% from prime (typically set at 5.00% fixed).
Eligible for loan if business has a SIC number and business has a commercial use.
Wright County is not a lender of primary funding. A financing gap should be present and/or Wright County provides no more than 50% of total sources.
A credit check may be performed on a semi-annual basis.
Maximum loan of $150,000 outstanding for any entity or affiliated entity.
Maximum repayment period of 5 years. Monthly payments preferred, quarterly payments acceptable.
Wright County will take a subordinate position only to commercial/governmental lenders.
Require a profit/loss statement on a semi-annual basis. A year end Balance Sheet should be sent to Wright County Economic Development at fiscal year end.
Money due and payable with interest rate set to 15% minimum if business ceases operation or shifts jobs outside of Wright County.
A $100 application fee will be charged. This fee may be waived at the discretion of the Wright County Economic Development director.
If a Revolving Loan Fund Committee member is involved from a professional standpoint, he/she will have no voting power on that issue.
Applicant may not be present for vote or internal discussion. Revolving Loan Fund Committee may request presence of applicant to answer questions prior to the vote.
All votes concerning an applicant will be done in person or by email. Loan Committee members are encouraged to be in attendance at the review session.
The decision of the Revolving Loan Fund Committee to be sent back to Wright County Economic Development Board with comments.
Revolving Loan Fund guidelines can be set aside by unanimous vote of the Wright County Economic Development Board, not abstaining.
Application must include
Completed application information page
Business Plan
Past financials (if applicable)
Pro Formas (for 3 years or greater)
Current personal balance sheet (current in past 3 months)
Personal income tax returns for two previous years.
Brief resume of all principals.
Loan Process
Applications will be submitted to the Wright County Economic Development office.
The loan review committee will meet to discuss the loan. They will then vote to approve/disapprove the loan.
If approved the loan review committee will send the application on to the Wright County Economic Development Board for approval.
If the Wright County Economic Development Board approves the loan it will then be forwarded to the Wright County Board of Supervisors.
The process could take up to 4-6 weeks.
