Dane County CDBG Loan Awarded to Wisconsin Women’s Business Initiative Corporation
June 13, 2005
Madison – Dane County Executive Kathleen Falk today announced the awarding of a $100,000 loan to the Wisconsin Women’s Business Initiative Corporation that they will use for small business start-up loans to Dane County graduates of their entrepreneur training programs.
“This loan will go to good use helping smart, motivated women and men start their own businesses,” said Falk. “This benefits Dane County as a whole as we keep these talented entrepreneurs in our area, growing our economy.”
“Microenterprise is one of the best ways for people to get out of poverty,” said Wendy K. Baumann, WWBIC’s President. “Small business is the engine of innovation and job creation in Wisconsin. Microentrepreneurs not only support themselves and their families, they are a major source of job creation in their communities.”
The loan comes from Dane County’s Revolving Loan Fund for Economic Development (RLF-ED) that was originally capitalized with CDBG funding. The purpose of the RLF-ED is to provide financing to businesses that create jobs for low- or moderate-income persons. The objectives of the RLF are to:
· Expand or modernize existing or locally owned and managed enterprises;
· Encourage the creation of retention of employment opportunities for low and moderate income County residents;
· Leverage new private investment in downtown business districts and traditional business districts;
· Assist businesses with high-value added products or services, especially in the agricultural sector; and
· Assist dairy farmers with capital improvements resulting in an increase in milk production
A resolution approving the loan was adopted by the County Board on June 2 and signed by the County Executive today.
The County has also provided financial assistance to the Novation Technology Campus, an infill development in the Town of Madison, the Shops on Main mixed-use infill development in downtown Verona, Morningwood Farms plant nursery in the Town of Cross Plains, and Forever Yours Jewelry in downtown Sun Prairie.
For more information about the County’s Revolving Loan Fund programs, contact Steve Steinhoff at (608) 266-4270.
Lesley Sillaman, Office of the County Executive (608) 267-8823 or cell (608) 669-5606