County loan administrator reports no defaults; Cabba highlights pending $500,000 commitment and talent grant

Brock Portillia, chief financial officer of the Cabba business alliance, told the Kenosha County Finance & Administration Committee on April 16 that the three county-managed revolving loan funds and the high-impact forgivable loan fund had no loans in default and that active accounts were current.

Portillia explained why a single borrower appears multiple times on the quarterly portfolio: Belalcon USA received two separate loans in 2021 from different funds with distinct covenants, and later took an additional equipment loan in late 2025. He said the firm paid cash for a major equipment expansion (about $65 million), completed a sale-leaseback with a global bank, and refinanced certain assets. ‘‘That’s why you see them listed twice in both funds — it’s accurate,’’ Portillia said.

He also described a pending $500,000 commitment from the county revolving loan fund (CRLF) for a local manufacturing company expanding its footprint. Portillia said final loan documents were being completed and the loan would help offset construction costs for the expansion; he noted that announcement of that borrower’s identity had not been finalized.

On program administration, Portillia said federal EDA and EDA CARES funds have more restrictions, so staff prefers to deploy restricted funds first and use the county’s more flexible CRLF for projects where federal rules (for example Davis-Bacon prevailing-wage rules on new construction) would be onerous. He said the high-impact forgivable loan fund is tightly managed and that staff is in the process of recovering an award from a company that “did not hit the necessary job requirements.”

Portillia reported a clean financial audit and single-audit, and said the Economic Development Administration assigned Cabba an A risk rating. He also told the committee that Cabba was awarded nearly $4 million from a statewide $5 million ‘‘talent and recruitment’’ grant administered by the Wisconsin Economic Development Corporation, intended to help Kenosha County employers recruit employees from outside Wisconsin and to support county marketing and branding.

Committee members asked about interest rates, amortization terms and typical underwriting. Portillia said rates and terms vary by fund and deal structure: CRLF loans have contractual floors and ceilings; building-related loans can amortize up to 20 years with typical fixed-rate periods of five years, while equipment loans often carry seven- to 10-year terms.

Portillia encouraged supervisors to contact him for further details and follow-up analysis. The committee did not take a separate action on the presentation.

Ending: The committee moved on to several planning and public-works resolutions after Portillia’s update; staff provided copies of the full quarterly packet for supervisors who requested deeper review.