The Capital Catalyst Revolving Loan Fund (CCRLF) is accepting applications, according to information released by city officials.
Applications are sought from high-growth startups and emerging growth companies, the release noted, adding that the program is provided to help stimulate the city of Fort Atkinson’s economy.
Since its inception, the program has awarded funds to such companies as Pete’s Tire, Sweet Spot Coffee Shop, Lil Hawks Kidz Academy Too, Oak Tree Child and Family Services, and Papa Brunk’s Bakery. Each company opened a new or expanded into a larger location in Fort Atkinson.
According to the release, the program is offered in partnership with the Jefferson County Economic Development Consortium (JCEDC)/ThriveED, which is the organization that manages the revolving loan fund.
The fund was begun $600,000 in available monies, and has $203,000 in initial funds available, 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 (WEDC). 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, the release continued.
Those interested in more information are encouraged to review the application and loan guidelines on the city’s website at www.fortatkinsonwi.gov.
Applications may be submitted at any time during the calendar year. The process to approve a loan application includes a meeting with the loan review committee, which will occur within one month of submission of all documentation necessary for the committee to make a determination. If an application is recommended for approval, the committee will forward the application to the City of Fort Atkinson Economic Development Commission for approval, according to the city’s Capital Catalyst Revolving Loan Fund Manual. The full document is here: https://cms8.revize.com/revize/fortatkinson/Fort%20Atkinson%20CCRLF%20Manual%201.28.22.pdf.
Those interested in applying for the Capital Catalyst Revolving Loan Fund may contact Deb Reinbold, executive director of JCEDC by email: deborahr@thriveED.org or phone: 920-674-8710.
An earlier story about the program’s inception with an award given to Pete’s Tire is here: https://fortatkinsononline.com/city-kicks-off-capital-catalyst-loan-program-with-petes-tire/.
An earlier story about an award given to the Sweet Spot Coffee Shop is here: https://fortatkinsononline.com/fort-awards-whitewater-based-sweet-spot-82000-capital-catalyst-loan-company-to-expand-in-fort/.
An earlier story about an award given to Lil Hawks Kidz Academy Too is here: https://fortatkinsononline.com/lil-hawks-kidz-academy-too-receives-100000-capital-catalyst-loan/.
An earlier story about an award given to Oak Tree Child and Family Services is here: https://fortatkinsononline.com/city-approves-oak-tree-child-and-family-services-capital-catalyst-loan/.
An earlier story about the opening of Papa Brunk’s Bakery and its grant award is here: https://fortatkinsononline.com/papa-brunks-bakery-opening-soon-in-fort/.
Representatives from Pete’s Tire, at top, from left, and the Sweet Spot Coffee Shop, both expanding their Whitewater-based businesses with new locations in Fort Atkinson; followed by Lil Hawks Kidz Academy Too, with an expanded location in Fort Atkinson, middle row, at left, and Oak Tree Child and Family Services, having made a move from leased space in Jefferson to its Fort Atkinson location, along with Papa Brunk’s Bakery, above, which opened last year in Fort Atkinson, receive funds through the city’s Capital Catalyst Revolving Loan program. City officials announced Monday that the program remains open to receive applications.
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