The Village of Union Grove has recently offered $320,000 in loans to businesses and $20,000 in grants. The Board of Directors for The Village of Union Grove approved updates to the existing Union Grove Revolving Loan Fund (RLF) and Matching Grant Program (MGP). The RLF and MGP programs are administered by the Racine County Economic Development Corporation (RCEDC).
These updates were made on Tuesday, April 25, and included the expansions of loans/grants.
Village of Union Grove Expands its Scope
Previously, The RLF only focused on projects in Union Grove’s downtown area. However, a shift has occurred and monetary assistance is available to businesses located anywhere in Union Grove.
Eligible expenses may include:
- Land and building acquisition
- Machinery & equipment purchases
- Leasehold improvements
- Business acquisitions
- Working capital expenses
- Principal payment deferrals can be offered for up to 18 months
Likewise, the recent change includes an increase in funding for the MGP. The Board of Directors for The Village of Union Grove approved grants of up to $5,000 for local area businesses for a total of $20,000. The Village has placed priority on grants for businesses moving into vacant buildings or spaces.
Previous updates to the RLF remain in place and include a more expedited approval process, a diverse range of loan amounts, and increased accessibility to RLF dollars.
Union Grove’s RLF is intended to assist small businesses. It is to serve as an aid for their expansions, spur economic development, and create permanent jobs within the Union Grove village. Some of the most recent projects include Pine Acres Popcorn, Bon Voyage World Travel Experts, Proformance PC, and Top Paws Grooming.
To see a full list of eligible and ineligible uses, as well as the application process, please visit the Village of Union Grove’s Business Lending Partner’s website.
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