Progress Lakeshore can provide more information and increase your understanding of the various financial options available. We will work with you and the community to secure the best options for your business.
Revolving Loan Funds (RLF)
Revolving Loan Funds are designed to provide funds, generally at favorable interest rates, that can assist entrepreneurs with funds needed to start or expand a business. Loans are generally tied to maintaining or expanding the work force. As the business repays the funds to the local unit of government, the money can be loaned to other existing businesses within the community or county to finance additional economic development projects.
City of Manitowoc RLF
The City of Manitowoc has two RLF programs, the downtown RLF and the Industrial RLF. In addition to projects funded directly through the City's RLF programs, Manitowoc's business loan portfolio includes state and economic development grants that support six additional businesses. View brochure
City of Two Rivers RLF
Two Rivers offers competitive financing to help companies fund new or expansion projects. The City's RLF has helped more than 25 companies expand operations and create jobs in Two Rivers. The City collects an estimated $300,000 to $450,000 in loan payments each year, which can then be used to support other growing businesses. Learn more
Manitowoc County RLF
The Manitowoc County RLF will typically make smaller loans from $25,000 to $150,000. Any business or industry located in Manitowoc County including start-up concerns or any business or industry moving to Manitowoc County may apply for these funds. View brochure
Tax Increment Financing
A TIF is a mechanism for financing local economic development projects. Taxes generated by the increased property values pay for land acquisition or needed public works.
Manitowoc has used TIF to accommodate and support selected new industrial and commercial development projects. This requires execution and compliance with a Developers Performance Agreement.
In Two Rivers, three of the seven existing TIF districts have assisted industrial development, while four have assisted in the redevelopment of blighted or obsolete properties.
Industrial Revenue Bonds
Manitowoc County municipalities participate in Wisconsin's Industrial Revenue Bond program. The Wisconsin program now has more than $200 million available to assist small manufacturers with expansion projects through low interest financing. The Department of Commerce grants the bonding authority (volume cap allocation) to cities, villages and towns to issue the bonds on behalf of a business.
Private Investment Committee
Progress Lakeshore is tapped into individuals sometimes known as angel investors and venture capitalists who make investments into qualified and fast-growth companies. They can be vital sources of capital for many kinds existing and start-up businesses. Providing entrepreneurs with the opportunity to turn a vision into reality, venture capitalists and angel investors lay the foundation for a healthy, vibrant economy. They not only act as a source of capital, but also offer a wealth of knowledge to fledgling entrepreneurs. Venture capital and angel investment funds offer a unique opportunity to tailor financial assistance that meets specific needs of business. Contact Progress Lakeshore at (920) 482-0540 for more information.