Brian Doudna, Executive Director
| 101 North Farwell Street. Suite 101 | 715.834.0070 or 1.800.944.2449 | ec.info@eauclaire-wi.com |
| PO Box 1108 | 715.834.1956 (fax) | |
| Eau Claire, WI 54702 |
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County's Inititative Benefits Eau Claire Businesses
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The economic development goals of Eau Claire County came to fruition recently with the Eau Claire City Council’s vote to participate in the Regional Business Fund (RBF).
In May 2009, the Eau Claire Area Economic Development Corporation (EDC) Board of Directors recommended to Eau Claire County that $150,000 should be reallocated from the County Revolving Loan Fund (RLF) toward the City of Eau Claire’s participation in the Regional Business Fund, allowing businesses within the City’s borders to access the Regional Business Fund’s programs.
“The County Board and the Eau Claire Area EDC believe that this collaboration will help early-stage businesses, and also help advance downtown redevelopment efforts,” says Gregg Moore, Eau Claire County Board Chair.
The Regional Business Fund programs help individuals and businesses seeking start-up, research and development, or downtown building renovation capital. All businesses in Eau Claire County are now eligible for these programs.
“Eau Claire County recognized a need back in 2002 to fill a financial gap that was being experienced outside the City limits, which led to the creation of the Revolving Loan Fund,” says County Administrator Tom McCarty.
“Now, with the reallocation of funds to the RBF, the County, EDC, City of Eau Claire, and our other economic development partners have the opportunity to help create quality jobs and provide more opportunities for business development in the county.”
After expressing concern over the City’s dwindling economic development funds, city council concluded the collaboration of efforts would benefit businesses in the city. The $350,000 investment of the city into the RBF validates the recommendations of the EDC Board of Directors to Eau Claire County earlier this year.
Brian Doudna, Executive Director of the Eau Claire Area EDC has seen success with RBF programs in other communities in Eau Claire County and recognized the potential the programs could have for City of Eau Claire businesses as well.
“The EDC Board, loan committee, and staff felt that it was important to increase the type of projects eligible for financing with favorable terms, larger capacity, and fewer lending limits,” says Doudna. “The EDC has been successfully working with the RBF programs in the remainder of the county since the creation of the fund. Due to the City of Eau Claire’s entitlement community status, businesses within the City were previously not eligible for RBF programs.”
The Eau Claire County Revolving Loan Fund was created in 2002 through funds committed by the Eau Claire County Industrial Development Agency (IDA) and the Wisconsin Department of Commerce. It has been administered by the Eau Claire Area EDC since its creation and was used in making 6 loans with 33 jobs being tied directly to financing provided through the RLF.
The Revolving Loan Fund discontinued making loans from the fund in August of 2009.
The Eau Claire Area Economic Development Corporation is a nonprofit, public/private sector partnership that facilitates the growth of quality job opportunities by working with entrepreneurs, businesses, and communities seeking to create, retain, and expand quality jobs in the Eau Claire area.
In May 2009, the Eau Claire Area Economic Development Corporation (EDC) Board of Directors recommended to Eau Claire County that $150,000 should be reallocated from the County Revolving Loan Fund (RLF) toward the City of Eau Claire’s participation in the Regional Business Fund, allowing businesses within the City’s borders to access the Regional Business Fund’s programs.
“The County Board and the Eau Claire Area EDC believe that this collaboration will help early-stage businesses, and also help advance downtown redevelopment efforts,” says Gregg Moore, Eau Claire County Board Chair.
The Regional Business Fund programs help individuals and businesses seeking start-up, research and development, or downtown building renovation capital. All businesses in Eau Claire County are now eligible for these programs.
“Eau Claire County recognized a need back in 2002 to fill a financial gap that was being experienced outside the City limits, which led to the creation of the Revolving Loan Fund,” says County Administrator Tom McCarty.
“Now, with the reallocation of funds to the RBF, the County, EDC, City of Eau Claire, and our other economic development partners have the opportunity to help create quality jobs and provide more opportunities for business development in the county.”
After expressing concern over the City’s dwindling economic development funds, city council concluded the collaboration of efforts would benefit businesses in the city. The $350,000 investment of the city into the RBF validates the recommendations of the EDC Board of Directors to Eau Claire County earlier this year.
Brian Doudna, Executive Director of the Eau Claire Area EDC has seen success with RBF programs in other communities in Eau Claire County and recognized the potential the programs could have for City of Eau Claire businesses as well.
“The EDC Board, loan committee, and staff felt that it was important to increase the type of projects eligible for financing with favorable terms, larger capacity, and fewer lending limits,” says Doudna. “The EDC has been successfully working with the RBF programs in the remainder of the county since the creation of the fund. Due to the City of Eau Claire’s entitlement community status, businesses within the City were previously not eligible for RBF programs.”
The Eau Claire County Revolving Loan Fund was created in 2002 through funds committed by the Eau Claire County Industrial Development Agency (IDA) and the Wisconsin Department of Commerce. It has been administered by the Eau Claire Area EDC since its creation and was used in making 6 loans with 33 jobs being tied directly to financing provided through the RLF.
The Revolving Loan Fund discontinued making loans from the fund in August of 2009.
The Eau Claire Area Economic Development Corporation is a nonprofit, public/private sector partnership that facilitates the growth of quality job opportunities by working with entrepreneurs, businesses, and communities seeking to create, retain, and expand quality jobs in the Eau Claire area.
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