There are a range of financing options for industrial and business development projects in Barron County. The Barron County Economic Development Corporation and local lenders will assist in the preparation of loan applications and supporting documentation. There is significant flexibility to the structure and composition of the financial packages when the prospective company is prepared to commit to a project. We look forward to the opportunity to work with the managers to create the best terms to meet the company's goals and objectives.

1. Revolving Loan Fund

The Barron County Revolving Loan Fund is now incorporated into one  Regional Revolving Loan Fund. All the previous individual jurisdictional loan funds are now included in the same pool of funds.

ELIGIBILITY

To be eligible, a business must:

+ Be located within the County or propose to locate within the County.
+ Create and retain jobs, of which 51% will be available to low and moderate income (LMI) persons which can be met by posting job openings with Job Service.
+ Demonstrate that it can repay the loan.

Eligible activities include:

+ Acquisition equipment, machinery, furniture and fixtures.

FINANCE TERMS and CONDITIONS

+ For GAP Loans hgreater than $25,000
+ Interest rate of 4% will apply.
+ Deferrals of principal and/or interest payments may be allowed for a brief period of time.
+ Terms can be up to five years on working capital loans, seven to ten years on machinery and equipment, and 12 years on real estate with an option of 8 additional years.
+ Collateral is required.

RESTRICTIONS

+ The project must include an amount of private funds (cash and bank loans) equal to the amount borrowed from the County RLF.
+ Job creation and retention is required with a maximum of $20,000 of County RLF funds for every full-time job created.

APPLICATION PROCEDURES

+ Interested businesses submit applications to the Barron County Economic Development Corporation.
+ If approved by the loan committee, the County will enter into a loan participation agreement with the Borrower's private lender who will service the loan.

For more information, Contact:

David Miller
Director
Barron County WI Economic Development
P.O. Box 71
Barron, WI 54812
715-637-6871  Office
715-637-3061  Fax
715-790-1327  Cellular
800-529-4148  Nationwide
david.miller@co.barron.wi.us
www.barroncounty.com


NEW:
The County also has several loans availablbe within the Regional Loan Fund. These include:
The MicroLoan from $5,000 to $25,000
The Downtown Facade Loan for up to $30,000
 

2. Lenders in Barron County

1st National Bank of Barron
436 East LaSalle Avenue
PO Box 159
Barron, WI 54812
715-537-5681
Bruce Rasmussen

1st National Bank of Chetek
PO Box 24
Chetek, WI 54728
715-924-4851
Rick Jacobs

First National Bank & Trust-Rice Lake Branch
2961 Decker Drive
Rice Lake, WI 54868
715-234-1399
www.fnbbarron.com

Community Bank of Northern Wisconsin
407 West Knapp Street
Rice Lake, WI 54868
715-234-5665
Jerry Gerber

Community Bank of Cameron
100 West Main Street
Cameron, WI 54822
715-458-2513
Terry Gerber

Cumberland Federal Bank
1390 2nd Avenue
PO Box 338
Cumberland, WI 54829
715-822-2249
Steve Thoe
Mike LeJeune


Dairy State Bank
with 4 locations in Barron County
16 S. Main Street
Rice Lake, WI 54868
715-234-9181
or 715-234-0096
Mike Bock
Greg Tinker
www.dairystatebank.com

US Bank
1485 2nd Avenue
Cumberland, WI 54829
715-822-3311
Chad Olson

US Bank
138 N. Main Street
Rice Lake, WI 54868
Ray Vaughn


Johnson Bank - Main
Mary Schnacky, President
2019 Cenex Drive
Rice Lake, WI 54868
715-736-4700

Johnson Bank - MarketPlace
Mary Schnacky, President
340 S. Main Street
Rice Lake, WI 54868
715-736-4500

Johnson Insurance
Paul Hedlund
2019 Cenex Drive
Rice Lake, WI 54868
715-736-4700
Johnson Bank link is www.johnsonbank.com
Johnson Insurance link is www.johnsonins.com


Bank of Turtle Lake
1405 2nd Avenue
Cumberland, WI 54829
715-986-4181
Jim Wick

Bank of Turtle Lake
301 Maple Street
Turtle Lake, WI 54889
715-986-4181
Pat Wick


Sterling Bank
234 E. LaSalle Avenue
Barron, WI 54812
715-537-3141
Joe Johnston

Sterling Bank
311 N. Main St
Rice Lake, WI 54868
715-736-6150

Sterling Bank
427 2nd Street
PO Box 106
Chetek, WI 54728
715-924-4817
Jim Metcalf