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Loan Fund Pilot Provides $1.1 Million To Northwest Wisconsin Businesses
"A new northern Wisconsin revolving loan fund is spurring private investment, creating jobs and setting a great example of how to successfully grow the Wisconsin economy," State Senator Bob Jauch (D. Poplar) said recently when he praised a Department of Commerce (Commerce) initiative that has resulted in revolving loan funds from seven northern counties joining together to form the Northwest Wisconsin Economic Development Fund (NWREDF). In its first three months, the NWREDF awarded $1.1 million in loans to 10 northern Wisconsin businesses in the region. Jauch, addressing the annual meeting of the Northwest Regional Planning and Development Commission (NWRPDC), noted that Commerce's efforts to consolidate local revolving loan funds into a single, larger fund in order to put money to immediate use in expanding businesses in Wisconsin communities is cause for celebration.
"We are celebrating this moment because of strong state, local and private partnership that will help us grow our economy and strengthen our community development efforts across the region," said Jauch.
Commerce launched the new initiative in late 2005 as a pilot program to encourage the voluntary consolidation of local community business revolving loan funds. Governor Doyle announced the project six months ago as part of his Grow Wisconsin plan to illustrate how regionalizing dormant local funds results in job creation. Currently, there are over 200 local revolving loan funds with approximately $30 million not being utilized.
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Financial Markets
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