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Joint review board approves TID 19 amendment to create emergency loan program administered by Greater Oshkosh EDC
Summary
The board approved an amendment to TID 19 to authorize a small emergency revolving loan program administered by the Greater Oshkosh Economic Development Corporation. Loans will be limited to $10,000 at about 2% interest with a brief payment deferral; applicants must show prior-year financials and will be screened to avoid duplicate funding.
The Oshkosh City Joint Review Board voted to approve a resolution amending Tax Increment District (TID) No. 19, the Northwest Industrial Park Project Plan, to create an emergency revolving loan program to be administered by Greater Oshkosh Economic Development Corporation (GoEDC).
The amendment authorizes a TID-funded loan pool that GoEDC will operate through its existing revolving loan fund (RLF) committee. "We are using Greater Oshkosh EDC. They have an existing revolving loan fund committee that they'll be using," said Alan, a staff member who described the program during the board discussion. "They're allowing virtually any businesses registered in Oshkosh to apply. ... The dollar amount is capped out at $10,000 instead of $250,000. So the most you can apply for in the emergency grant is up to $10,000." (Transcript lines 83.095–111.715)
Why it matters
Board members said the program is intended to help small businesses with urgent cash needs while routing applications through GoEDC to avoid duplicative awards with other local funds. Alan said the loans are not grants: "No, this is all loan." He added the loans would carry roughly a 2% interest rate and payments would not begin for about six months. (Transcript lines 116.89–124.009)
What the program will require and who is eligible
Alan told the board GoEDC's RLF committee will review applications and that applicants must provide the previous year's financial statements; the expectation is the business must be an ongoing concern and not in bankruptcy. "We do require the business to provide the previous year's financials and the expectation is you have to show that it was a going business, not in bankruptcy or about to go bankrupt before you'd be able to get this funding," Alan said. He noted that, based on the committee's criteria, a business already in bankruptcy would not qualify even if an application were submitted. (Transcript lines 171.85–189.205)
Board members pressed on how the city program will interact with the county and other funds. Alan said GoEDC will coordinate applications so that applicants cannot "double dip" across different local programs and so the committee can match applicants with the most appropriate funding source. He said TID 19 funds can be used within the TIF boundary and within roughly a half-mile of the 100 block (covering part of the north side and downtown). County funds, by contrast, are countywide; the county program was described as more flexible for locations outside downtown. (Transcript lines 297.21–346.87; 406.46–422.475)
Board action and procedure
Board member Barb moved the resolution; Mark Burke seconded. The board approved the amendment on a voice vote. (Transcript lines 46.425–58.39; 482.13–496.085)
Clarifying details recorded at the meeting
- Administrator: Greater Oshkosh Economic Development Corporation (GoEDC) through its existing revolving loan fund committee (Alan, staff). (Transcript lines 83.095–111.715) - Loan size: capped at $10,000 per application. (Transcript line 83.095–111.715) - Type: loan, not forgivable grant. (Transcript lines 116.89–118.33) - Interest and repayment: approximately 2% interest; payments deferred about six months. (Transcript lines 119.13–124.009) - Eligibility screening: applicants must provide prior-year financial statements; businesses in bankruptcy generally would not qualify. (Transcript lines 171.85–189.205) - Geographic limits: funds usable within TID 19 and roughly a half-mile of the 100 block (north side and downtown overlap); county fund covers other areas. (Transcript lines 325.87–346.87; 406.46–422.475) - Double-application safeguards: GoEDC will share application information with the county committee to prevent duplicate awards. (Transcript lines 281.875–296.59)
Ending
Board members said the intent is to move quickly to get funds available to eligible Oshkosh-registered businesses, and GoEDC will use its existing review committee to screen and match applicants with the appropriate fund.
