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Kenosha-area business alliance reports healthy loan portfolio, clean audits and state talent grant
Summary
Brock Portillia, CFO of the Kenosha Area Business Alliance, told the finance committee that Cabba-managed loan funds have no loans in default, outlined why some borrowers appear multiple times across funds, reported an outstanding $500,000 county revolving loan commitment for a local manufacturer, and announced a nearly $4 million WEDC talent grant award for recruiting workers to Kenosha County.
Brock Portillia, CFO for the Kenosha Area Business Alliance, presented the first-quarter loan and grant report to the Kenosha County Finance Committee on June 16, reporting that active loans administered under county-linked funds are current and that there are no loans in default.
Portillia explained why some borrowers appear multiple times in the packet: different funds (for example, EDA and EDA CARES) have separate covenants and per-loan maximums; a borrower may accept multiple loans across those funds to reach a larger project cost. He said that one company refinanced equipment acquired in 2025 with a sale-leaseback to a global bank and paid cash for equipment purchases of about $65 million, which removed an associated outstanding principal balance from local loan rolls. Portillia also said Cabba has an outstanding conditional commitment of $500,000 in the county revolving loan fund pending loan-document closing to support a local manufacturer’s facility expansion.
Portillia reported the organization received clean financial and single audits, and that the EDA assigned an "A" risk rating on EDA CARES administration. He also announced Cabba had been awarded just under $4 million from a statewide WEDC talent and recruitment grant to help local employers recruit employees from outside Wisconsin and to support county marketing.
Committee members asked about interest-rate-setting and loan terms; Portillia said rates and amortizations vary by program and collateral, and explained the county revolving loan fund is more flexible for construction projects because it avoids some federal prevailing-wage restrictions that attach to certain grant-funded programs.
What happens next: Staff will finalize the pending $500,000 loan closing when loan documents are complete and will continue to monitor outcomes from the WEDC program, including how marketing and relocation incentives will be administered.
