MCDEVCO’s Small Business Disaster Loan
for Marathon County, WI.
MCDEVCO’s mission is to invest in business development and community growth through the integration of resources. We carry out our mission through our values of stewardship, community, respect, empowerment, and encouragement, and through promotion of the community, ethics, and integrity.
Therefore, it is MCDEVCO and the Judd S. Alexander Foundation’s strategy to support a diverse funding mechanism to respond to the COVID-19 disaster affecting small businesses throughout Marathon County
Disaster loan program guidelines
- Requests for low interest loans can be up to $20,000.00.
- The rate of interest will be 3% for five (5) years.
- Payments are deferred for the initial twelve (12) months after signing the promissory note.
- Interest and principal payments begin on the thirteenth (13) month through the sixtieth (60) month.
- There is no prepayment penalty.
- Small business must be registered with the WDFI and located in Marathon County Wisconsin.
- For every $10,000.00 borrowed, the business must rehire and/or create one job for a low-to-moderate income person. The borrower will be expected to verify their number of employees on March 25, 2020 and then at six (6) months, twelve (12) months and annually during the term of the loan.
- Must have ten (10) or less employees on March 25, 2020 or prior to COVID-19 to apply for the loan.
- Cannot use the funds for duplication of expenses from other funding such as from the SBA programs (EIDL and PPP), WEDC’s 20/20 Small Business, another financial institution, repayment of previous debt, and/or funds received from an insurance claim.
- All loans taken out for inventory must provide MCDEVCO with receipts of inventory within the first six (6) months.
Eligible Activities for the Disaster Loan
The following types of activities are eligible for use of the disaster loan funds:
- Re-hiring employees.
- Inventory to reopen business.
- Start-up funds.
- Disinfecting/cleaning of workspaces and building.
- Marketing/advertising of business related to COVID-19.
- Working capital.
- Provide protective equipment to staff and/or clients.
- Cover past due payables.
- Other (to be applicant-specified for COVID-19 related costs).
Businesses affected by COVID-19 at any stage are welcome to make applications through MCDEVCO until the funds are depleted.
Application and Review Process
- A business in Marathon County that has been negatively affected by COVID-19 can apply for loan up to $20,000.00.
- Fill out your application online along with a personal financial statement.
- MCDEVCO and their loan committee, or outside consultants; as needed will review the submitted application materials and contact applicant for additional materials, if necessary.
- MCDEVCO staff will notify the applicant of the approval/denial of their loan status.
- If approved, applicant will receive a commitment letter from MCDEVCO, Inc. outlying the terms of the loan, which will need to be signed and returned before or at the time of the loan closing and funds disbursed.
No applicant may be denied a grant and/or a forgivable loan on the basis of race, color, national origin, religion, age, handicap, sexual orientation, familial status or sex.
TO BEGIN THE PROCESS OF FILLING OUT YOUR APPLICATION PLEASE SUBMIT THE CONTACT FORM BELOW FOR MCDEVCO TO SEND YOU A PASSWORD! (Note – Our office hours are Monday – Friday 7:30am – 4:00pm.)
After you receive your password start your application process here.
Note that once you begin the process of filling out your application it can not be saved – you have to complete it at one setting. All application materials should take between 30 and 60 minutes. Complete your financial statement first and make it into a PDF to attach to the end of your loan application along with other supporting documents (articles of Incorporation & bylaws (only for business that are required to have them), current tax or financial reports, and cash flow report). Make sure that you have all of your business information such as EIN or Social Security Number, any other COVID-19 payments that you have received, articles of incorporation, last filed taxes, etc before you begin.
Thank you for your application. MCDEVCO will contact you shortly.