LCEDC Small Business Emergency Response Loan

LCEDC Small Business Emergency Response Loan (LCEDC SB-ERL) — The purpose of the SB-ERL program is to provide immediate small business loans to Langlade County businesses immediately impacted by COVID-19. Businesses must demonstrate they:

  • do not qualify for existing State or Federal programs; or
  • are in immediate need of funding until those programs become available; or
  • they are unable to obtain financing at reasonable rates and terms.

Overview

Provide $5,000 in loans with flexible interest and repayment terms to small businesses to be used to support certain small business activities throughout Langlade County that have realized a significant financial hardship as a result of the COVID-19 pandemic.


TARGET AREA

Langlade County


ELIGIBLE BUSINESSES

Eligible Business means a business in an industry outlined in Emergency Order #12 – Safer at Home Order, or any subsequent Emergency Order, or demonstrates it is otherwise affected by the COVID-19 outbreak that is located in Langlade County. Eligible businesses must demonstrate the following:

  • The company can demonstrate an income loss as a result of the Emergency Order #12, or the COVID-19 outbreak;
  • Is located within Langlade County;
  • The company needs working capital to support payroll expenses, utility expenses, insurance premiums, or other similar expenses that occur in the ordinary course of business.

ELIGIBLE USES

Loans may be used for working capital to support payroll expenses, utility expenses, rent and mortgage payments, or other similar expenses that occur in the ordinary course of business. Applicants are encouraged to also work with landlords and mortgage institutions to arrange rent reductions and/or payment deferrals.


INELIGIBLE USES

Loans are not available for:

  • property management/landlord for either commercial and/or residential customers,
  • any speculative venture,
  • investment venture,
  • research and development, or
  • home-based occupations.

APPROVAL PROCESS

Submission of an application does not guarantee funding, and all applications will be reviewed by the Director of LCEDC and two members of the Loan Review Board Committee.  Any applicant can decrease or decline funding upon notification of approval.


ADDITIONAL RESOURCES

For additional COVID-19 business resources, click here.


Have Questions?

Specific questions can be directed to:

Angie Close, Executive Director of LCEDC
312 Forrest Avenue
Antigo, WI  54409
p: 715-623-5123
e:


Please send completed applications to