The Hometown Entrepreneur Loan Program is a small revolving loan fund pool managed by the Walworth County Economic Development Alliance, Inc.  It was acquired in 2008 from the United States Department of Agriculture - Rural Development for the use of providing small loans to new and emerging businesses in Walworth County.  Under HELP entrepreneurs can secure funds for start-up, business acquisition, and expansion.

Eligibility

To be eligible to borrow funds from HELP, business must be:

• Located in Walworth County
• Have fewer than 50 employees
• Have gross sales under $1,000,000
• Real Estate Acquisition
• Equipment Purchases
• Working Capital
• Inventory Financing

Ineligible Use of Funds

Funds from HELP may not be used to:

• Produce agricultural products except for commercial nurseries
• Timber Operations
• Limited agricultural production related to technical assistance projects
• Programs operated by cable television systems
• Funds can only be used for planning given projects and cannot be used for area wide type planning
• Funds may not be used to refinance existing debt

Loan Terms

The maximum funding available to loan applicants is $50,000, of which matching funds may be required by the loan applicant.

• Loans of $5,000 - 24 months
• Loans of $5,001-$10,000 - 36 months
• Loans of $10,001-$50,000 - 60 months

The interest rate for each loan will vary depending upon the borrower’s credit and ability to repay funds.  The interest rate for each loan will be set by WCEDA’s Business Financial Assistance Committee.

The Business Financial Assistance Committee may authorize the deferral of the payment of principal and interest up to a period not to exceed twelve (12) months.

Fees

All fees are taken off of the top of the loan approval.

• $100 non-refundable loan application fee ($100 credit will applied to other fees if loan is approved)
• 2% loan origination Fee
• $350 documentation Fee
• All title and other collateral security fees

For more information, contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it , WCEDA Interim Executive Vice President, 262-741-8134

Application