Green County businesses are helping to spur development in local startups and emerging growth companies by providing financial support to the new Green County Growth Opportunity Fund.
The Green County Growth Opportunity Fund is a revolving loan tool used for development and expansion of small businesses. Administered by the Green County Development Corporation (GCDC), it is a self-replenishing pool of money, utilizing interest and principal payments on old loans to issue new ones. GCDC received $375,000 in matching funds from the Wisconsin Economic Development Corporation to establish the new Green County Growth Opportunity Fund. The William S. Knight Foundation, Colony Brands, Bank of Brodhead, Bank of New Glarus, First National Bank, Woodford State Bank, Wisconsin Bank & Trust, Greenwoods State Bank and Monroe Clinic contributed to the effort.
“We are so thankful for this tremendous support of the Growth Opportunity Fund,” said Cara Carper, GCDC Executive Director. “Backing like this ensures local businesses have the financial resources in place to grow and prosper, and that benefits us all.”
The Green County Growth Opportunity Fund is a gap financing tool that can be used as a bridge between the amount the borrower can obtain in the private market and what is needed to start or sustain a business. For example, a borrower may obtain 60 to 80 percent of project financing from other sources. The balance can be provided by the Green County Growth Opportunity Fund. As businesses pay back their loans with interest, the fund will rebuild itself, constantly turning over to provide additional loans to other businesses.
High-growth startups and emerging growth companies are the program’s main focus. Funding will be used for businesses such as: advanced manufacturing, agriculture or food processing, information systems or software, medical devices, biosciences and energy. The full amount ($750,000) of funding in the Green County Growth Opportunity Fund must be loaned out within 18 months and may be used for businesses that have been in business 5 years or less. The loan cap per business loan is $100,000; that amount can be exceeded with cause. There is no job creation requirement. The Green County Growth Opportunity Fund may not be used for multi-family housing.
For more information about the Green County Growth Opportunity Fund, please contact the GCDC office at (608) 328-9452 or email email@example.com.