Do You Qualify?
Eligible Applicants
- Applications may be submitted by the Chief Executive Officer or Sole Proprietor of any business or industry wishing to expand or establish a new operation (see manual for exceptions) in Vernon County.
- No member of the Vernon County Board or any other official, employee, or agent of the County who exercises policy, decision-making functions or responsibilities in connection with the implementation of this program is eligible for financial assistance under this program.
- Applicants shall not be disqualified based on age, race, religion, color, handicap, sex, physical condition, development disability as defined in §51.01(5), sexual orientation or national origin.
Eligible Activities
Program Loans are available (subject to availability of funds) to eligible applicants for the following activities:- The acquisition of land, buildings, and fixed equipment.
- Site preparation and the construction or reconstruction of buildings or the installation of fixed equipment.
- Clearance, demolition or the removal of structures or the rehabilitation of buildings and other such improvements.
- The payment of assessments for sewer, water, street and other public utilities if the provision of the facilities will be directly related to the applicant.
- Working capital and Operating Costs.
- Equipment directly related to the business.
- Childcare/Day care businesses.
- Creation of new Workforce Housing, 4-Units or more.
- Any other activity the Committee determines to be consistent with the Loan Program Purpose and Objectives.
Ineligible Activities
- Refinancing or consolidating of existing debt.
- Reimbursement for expenditures prior to loan approval.
- Specialized equipment that is not essential to the business operation.
- Residential building construction or reconstruction (unless such reconstruction is intended to convert the building to a business or industrial operation).
- Routine maintenance.
- Professional services such as feasibility and marketing studies, accounting, management services and other similar services. Legal services incurred in the closing of the loan are eligible.
- Purchase of livestock.
- Other activities that the Loan Review Committee may identify during the administration of the program.
Ineligible Businesses
Program loans shall not be available for the following businesses:- Speculative investment companies.
- Real estate investment companies (unless building new workforce housing of 4-Units or more).
- Lending institutions.
- Gambling operations.
- Non-profit organizations.
- Any other business activity determined to be in conflict with the Purpose or Objectives of the Loan Program.
Minimum Requirements
To be eligible for funding, the propose project must meet all of the following minimum requirements:- Location: Activities financed under the Program must be located within Vernon County.
- Financial Feasibility and Business Viability: The applicant must demonstrate that the proposed project is viable and the business will have the economic ability to repay the funds. Collateral must be available.
- Compliance with Applicable Laws: Applicants shall comply with all applicable local, state and federal laws and codes.
Please review the Economic Development Loan Manual for more detailed information regarding this program.