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Waupaca County EDC outlines $250,000 downtown small‑business loan/grant match; applications to open after press event
Summary
Waupaca County Economic Development Corporation told the committee it secured $250,000 from a state settlement grant to match local loans for downtown building purchases and improvements; the program pairs a business loan (up to $100,000) with grant funds (up to $50,000) to cover building improvements and accessibility work.
The Waupaca County Economic Development Corporation on Tuesday described a new program to encourage businesses to buy or renovate downtown buildings by pairing loans with state settlement grant funds. Jeff McCluskey, executive director of the Waupaca County Economic Development Corporation, told the Economic Development Committee the county agency received $250,000 from a state settlement program and will match approved local business loans for downtown properties. Under the program, an eligible business that obtains a business loan through WCDC — loans can be up to $100,000 — may receive a grant equal to the loan amount up to $50,000 to pay for building improvements such as energy efficiency upgrades, roof repairs and accessibility work. If a borrower qualifies for less than $50,000, the grant amount will match the loan amount, McCluskey said. McCluskey said the state provided 18 months to deploy the funds and that the WCDC would pair the county and city grants with WCDC loans to encourage downtown reinvestment. “If a business either is located in an older building in downtown or purchasing a building in downtown, and they get approved for a business loan through us... they can apply for up to $100,000 business loan,” McCluskey said. The program will be administered on a first‑come, first‑served basis after loan committee approval, McCluskey said. He also said several downtown businesses have already expressed interest; no awards had been made as of the meeting. Committee members asked about timing and prioritization; McCluskey said the contracts were completed recently and that a press conference was scheduled for the following Tuesday to open applications to the public. The county’s portion of the program will be coordinated with municipal partners; the committee would review any city contributions before disbursing city funds. McCluskey also reviewed other WCDC projects: workforce development partnerships, a veteran entrepreneur training program providing up to $5,000 to qualifying veterans, and a regional tourism grant program funded with ARPA dollars to seed events expected to draw visitors and overnight stays. McCluskey said two projects already supported by the tourism program are the Iowa Car Show grounds hosting the Wisconsin Bluegrass Bash and an Iola Winter Sports Club mountain‑bike trail expansion; both projects are expected to increase visitor numbers and overnight stays in parts of Waupaca County. McCluskey said regional tourism funds were divided into three geographic sections to spread resources across the county. No committee motion or vote was taken; staff and WCDC will publicize application details after the press event and return with recommendations when applicants are ready for committee consideration.
