Sheboygan County Economic Development Corp.: Over $50M in financing available for local business

Bond Programs Offer Millions to Fund Projects in Sheboygan County

Local investors and business leaders should be aware of several programs currently available in Sheboygan County, offering low-cost financing opportunities for corporate projects.

The Midwestern Disaster Area Bond Program was established in 2009 by the federal government. Its goal is to stimulate economic activity in areas that were affected by widespread flooding in 2008 and declared as federal disaster areas. The flooding impacted most counties in southern Wisconsin, including Sheboygan County. A total of $3.8 billion has been allocated for use in Wisconsin, while the program has earmarked $50 million for use in Sheboygan County prior to January 1, 2013.

According to the Sheboygan County Economic Development Corporation’s Executive Director, Patrick Drinan, the Midwestern Disaster Area Bond Program provides another available option for low-cost financing of significant development projects, which could result in job creation. “This financing program is intended to help stimulate new projects throughout Sheboygan County,” said Drinan. “The program has been in existence for almost one year, and the SCEDC wants to make sure local businesses understand and take advantage of these programs as they prepare expansion plans.”

The Midwestern Disaster Area Bonds are private activity tax-exempt bonds which can be issued by municipalities or counties on behalf of a private borrower. Proceeds can be used to finance the cost of acquisition, construction, reconstruction, or renovation of nonresidential real property – including fixed improvements associated with such property – but not equipment and movable fixtures.

Eligible projects may include manufacturing facilities, retail businesses, restaurants, office and commercial development, medical facilities, agricultural facilities, or warehouse and distribution facilities. Proceeds of the bonds may also be used to finance qualified residential rental housing. Bonds cannot be used to refinance existing debt. The SCEDC staff can provide additional detailed information regarding these programs.

In addition to the Midwestern Disaster Area Bond Program, several municipalities offer local Revolving Loan Fund (RLF) programs to support business development and job creation. The Cities of Sheboygan and Plymouth each administer a local RLF program, while Sheboygan County offers a RLF program that covers the entire county (excluding the City of Sheboygan). Please visit the SCEDC website for additional information regarding these and other business financing resources.

For Additional Information, Contact::

Patrick Drinan, Executive Director, Sheboygan County Economic Development Corporation

(920) 452-2350