Do You Qualify?
- 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 ActivitiesProgram 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 of 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 directly create or retain jobs.
- Working capital (inventory and direct labor costs only).
- Equipment directly related to the business.
- 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 BusinessesProgram loans shall not be available for the following businesses:
- Speculative investment companies
- Real estate investment companies
- Lending institutions
- Gambling operations
- Non-public recreation facilities
- Non-profit organizations
- Other businesses not serving the interests of the Community.
Minimum RequirementsTo 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.