The City of Fort Atkinson announced Friday that it has awarded its first Capital Catalyst Revolving Loan (CCRL) to Pete’s Tire. The Whitewater-based small business has purchased Power Tire, 2 Madison Ave. A formal check presentation is planned for Monday, Aug. 8 at 3:15 p.m. at the Fort Atkinson Municipal Building, 101 N. Main St.
According to information released by the city, Pete Brock established the business in Whitewater in 1992. Brock began his career in the industry in 1975 when he worked for Firestone in Elkhorn. In 1986, he was hired to manage the Whitewater Goodyear store, and eventually established Pete’s Tire in Whitewater. In 2012, Pete built Pete’s Tire Service in Elkhorn. His daughter Rebecca and her husband own and run that store. Brock runs the Whitewater store with his son Jonathan Brock and daughter Rachel Pattermann.
After acquiring the property in Fort Atkinson, the release continued, they intend to clean up the outside of the building with paint, update electrical services, replace the furnace and air conditioner, repair the floor of the facility, replace the ceiling, remodel the office and add new overhead doors. The business offers roadside service, new tires, tire repairs, ball joints, tie rods, oil changes, muffler systems, alignments and hopes to add engine repair in Fort Atkinson.
The business was also recently awarded a low-interest loan through the Jefferson County Revolving Loan fund, the release stated.
As noted in the release, The purpose of the Capital Catalyst Revolving Loan Fund is to help stimulate the city’s economy. In January, the Fort Atkinson Economic Development Commission approved a partnership with the Jefferson County Economic Development Consortium (JCEDC) to manage the revolving loan fund, which includes $600,000 in available funds.
Additionally, the Capital Catalyst Revolving Loan Fund program encourages the startup of new businesses and the expansion of existing businesses. The focus will be on assisting companies in industry sectors including, but not limited to advanced manufacturing, agriculture or food processing, information systems or software, medical devices, biosciences and energy, the release stated, further noting that activities assisted with program funds should address one or more of the following:
• Encourage new private investment in the City of Fort Atkinson.
• Support a diverse mix of employment opportunities and minimize seasonal or cyclical employment fluctuations.
• Encourage the development and use of modern technologies that increase productivity and efficiency.
• Support the elimination of blight and encourage urban redevelopment.
Loans of up to $100,000 or 30% of total project costs are available through the fund, made possible by a Grant from the Wisconsin Economic Development Corporation. The team at the Jefferson County Economic Development Consortium will work with applicants through the application and underwriting process. A Loan Review Committee will review applications and make recommendations to the Economic Development Commission for approval.
Those interested in more information are encouraged to review the application and loan guidelines on the city’s website at www.fortatkinsonwi.gov.
Those interested in applying for the Capital Catalyst Revolving Loan Fund may contact Deb Reinbold, interim executive director of JCEDC at deborahr@thriveED.org or 920-674-8710.
Power Tire, 2 Madison Ave., will soon undergo improvements. Funding for the improvements, in part, will come through a Capital Catalyst Revolving Loan provided through the city of Fort Atkinson. Pete’s Tire, a Whitewater-based company, is the first to be loaned funds through the new program. The building in Fort Atkinson has been purchased by Pete’s Tire. Ryan Whisner photo.
Pete’s Tire is a small business operating from Whitewater. The company was founded in 1992. The company has expanded through its purchase of Power Tire in Fort Atkinson and is the recipient of the first Capital Catalyst Revolving Loan provided through the city of Fort Atkinson. Kim McDarison photo.
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