The Northwest Wisconsin Regional Planning Commission’s Small Business Administration’s Revolving Loan Fund program (NWRPC SBA RLF) awarded loan funding to 11 regional businesses in 2017.
The businesses that were assisted all enhanced the economic outlook of Wisconsin’s northwest region. The funds went toward eligible projects that showed promise to retain or create for startup or expansion activities.
The awarded industries represented retail, tourism, value-added agriculture, health and wellness, estate planning and legal services, construction, and service-based businesses.
Ava Gustafson, local children’s author and owner of The Willow Series, LLC
, sought funding to print and promote her book, Willow’s New Friend as a follow up to her first book, Willow. NWRPC SBA RLF helped Ava Gustafson and The Willow Series, LLC achieve its self-publishing and distribution goals by awarding two rounds of loan financing for printing and marketing purposes.
“Without the assistance of [NWRPC SBA RLF] loan funding, my books would not have had the opportunity to enlighten the imaginations of children around the state of Wisconsin and region,” said Gustafson.
Bant Law Office, LLC was able to obtain needed gap financing to successfully transition the business purchase from Onchuck Law Office, S.C., which had been in continual operation since 1985. Bant Law Office, S.C. will continue the legal estate services that are currently practiced, with an extra specialized niche in assisting with Medicaid applications.
“Ultimately, I want to provide families with quality estate resources and access to medical assistance and will strive to deliver to individuals, couples and families affordable services that add value to clients’ businesses and lives,” said Beth Bant, owner of Bant Law Office. Bant continued to explain that the receiving funds from NWRPC SBA RLF and the lead lender, Johnson Bank, has helped purchase her own law firm in her hometown.
In 2015 Rene and Lee Magnuson formed Mobile Metal Welding in Hayward. Mobile Metal Welding is a welding and fabrication shop that was established as a family legacy company to showcase Lee’s extensive welding abilities and for their son, Justin Leonard, to get a solid start in the industry.
Seeking assistance to purchase needed equipment due to the business moving beyond its startup capacities, the Mangnusons reached out to NWRPC SBA RLF for assistance. “We’re at a point where we need to become more efficient with our mobile services and set up our shop to handle a variety of needs,” said Lee Magnuson, “We are very grateful for the financing package received [from NWRPC].”
NWRPC SBA RLF awarded $163,700 in loan funds to regional businesses in 2017. These businesses have committed to the creation and/or retention of 57 jobs and were able to leverage $2,618,818 of owner equity injections, private or other public funds. The cost per job created and/or retained is $2,871.93 per job. The leverage ratio is $15.99 of equity, private or other public funds for every dollar of NWRPC SBA RLF funds lent.
NWRPC SBA RLF is one loan program under the Northwest Wisconsin Regional Planning Commission (NWRPC). Twenty-six loans totaling $1,350,274 have been awarded to regional businesses in 2017 through the various lending entities under the NWRPC umbrella. These businesses have committed to the creation and/or retention of 275 jobs, and the leveraging of $12,453,194 of equity, private or other public funds. The cost per job created and retained is $4,910 per job. The leverage ratio is $9.22 of equity, private or other public funds for every dollar of funds lent. NWRPC staff has awarded a total of $5,794,115 in loan funds, leveraged $56,126,568 in equity, private and public funds, and created and/or retained 1,113 jobs in the past five years. To see if your business would qualify for a startup, transition or expansion loan product, contact loan fund manager Ken Pearson
at (715) 635-2197.