The Adams-Columbia Electric Cooperative Loan Fund is available to finance business facilities and community development projects which create or retain jobs and increase capital investment in rural communities in rural areas. Funds are available to assist with new or expanding businesses in Portage, Waupaca, Juneau, Adams, Waushara, Marquette, Green Lake, Sauk, Columbia, and Dodge counties. This program is in conjunction with the USDA - RECD and the Rural Development Authority for Rural Development and Economic Growth.
- Funding assistance up to $150,000 or 75% of the total project cost.
- Long term, fixed rate, reasonable financing.
- Funds complement, and may be used in conjunction with other programs such as SBA, CDBG and WHEDA.
Funds May be Used for:
- Business acquisitions, construction, repair or expansion.
- Purchase and development of land, buildings and facilities.
- Start-up costs and working capital.
- Feasibility studies or other “soft” costs.
- Businesses involved in agricultural production. (Certain commercial nursery, aquaculture, forestry, mushroom and hydroponic production operations may be exempt.)
- Transfer of ownership, except to prevent loss of jobs.
- Charitable and educational institutions, churches and fraternal organizations.
Repayment Terms and Rates:
- Loan repayment terms and interest rates are negotiated between Adams-Columbia Electric Cooperative and the ultimate recipient.
- All loans must be adequately secured in accordance with the criteria as established by Adams-Columbia Electric Cooperative.
- Must be unable to obtain the loan from other sources at reasonable rates and terms.
- Must meet the objectives and purposes of the program as established by Adams-Columbia.
- Must be located in a rural area or a city with a population less than 25,000.
- Must, to the maximum extent possible, recruit low income persons and displaced farm families for the new jobs created.
* Appraisals, feasibility studies and specific environmental reviews may be required prior to funding decisions.