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RACINE COUNTY, WI – When small businesses are able to develop at an affordable rate, it improves the quality of life for all those affected. However, to understand and access the funding can be daunting for the business owner. Not anymore.
RCEDC’s (Racine County Economic Development Corporation) financial division, Business Lending Partners (BLP) launched a brand new, state-of-the-art website to help Wisconsin businesses and lenders better understand the cost-effective resources available to support business growth.
The website identifies financial solutions for small- to medium-sized Wisconsin businesses along with testimonies from businesses and lenders of how financing tools have been used to complete expansion projects.
“BLP504.org is our platform for sharing resources, expertise, and personalized support for all our current partners and all those seeking small business financing solutions. It has made it easier for our entire team to communicate what is available, how it can be beneficial and where to start,” said BLP’s Business Finance Manager, Carolyn Engel.
BLP specializes in commercial lending, whether it is through Small Business Administration (SBA) loans to Wisconsin businesses or if Racine County businesses need assistance through local Revolving Loan Fund programs. These loans, in partnership with local banks, provide a long term, low fixed interest rate, and require less equity (10%) than other conventional loan programs. This allows the business owner to retain more cash for the growing needs of the business. Currently, the SBA program is offering historically low rates of 4% which is fixed for up to 25 years.
The site primarily targets Wisconsin lenders and borrowers. BLP’s mission is to support companies with customized financing packages to meet the goals of the company. For over 30 years, BLP has approved or serviced nearly 500 loans across Wisconsin.
“The new site is easy-to-use, all-inclusive and really gives off an overall high-end experience,” said Assistant VP of Commercial Banking at Johnson Financial Group, Barry Fries. “When one of my clients is ready to look into an SBA 504 loan, this site can serve as an incredible starting point.”
Case studies, featured projects and guidelines are showcased within the new site as a way for business owners to research and understand their options. The new site also boasts a dynamic, fully functional loan calculator for lenders and borrowers to better understand what their loan structure can look like.
Program overviews, eligibility factors, community loan programs, and application processes have been added to show what products are available, how they work and where to start.
One of the most important elements of the site is the ‘BLP Team.’ So much of lending can be marginalized to numbers, but a great way to grasp an understanding of financing is who you are communicating with, what they know, and how they treat you. With offices in Green Bay and Racine County, the BLP team is well-positioned to identify financing solutions for Wisconsin businesses.
“The new website is above and beyond what we’ve ever had available here at RCEDC and I am incredibly proud of the team effort it took to complete,” said RCEDC Executive Director, Jenny Trick. “As part of RCEDC’s mission to grow the tax base of Racine County, BLP serves as a critical financial resource to support our growing businesses with their financial needs. This site will help tremendously in our overall efforts.”
Visit blp504.org and experience a better, more comprehensible way to approach small business lending.