STURTEVANT — To help encourage business improvement, retention and attraction, the Village of Sturtevant created a new program with favorable loan terms: little-to-no equity requirement, low interest and principal deferrals.
The program also allocates funding for grants aimed at assisting business and property owners with their expansion projects. Loan sizes range from $50,000-$250,000, while the grant program provides up to $25,000 or no more than 50% of total eligible costs.
“We highly encourage businesses to apply,” said Sturtevant President Mike Rosenbaum in a statement. “This kind of opportunity directly aligns with our community strategic goals, and I can’t wait to see the kinds of improvements to come within the village.”
According to a news release from Racine County Economic Development Corporation, both the loan and grant programs are allocated to businesses within an area identified as Tax Increment District No. 4. Eligible uses include but are not limited to: land and buildings, machinery and equipment, site preparation, leasehold improvements and limited working capital.
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Projects also must demonstrate a benefit to the community.
“We (RCEDC) have been working diligently with the Village of Sturtevant to research, coordinate and provide the most valuable assistance to businesses within this district,” stated Jordan Brown, RCEDC’s Business Recruitment Specialist. “I’m confident this program will help enhance the economic vitality in Sturtevant.”
An early example of the grant program’s use is Nonna Wells Pizzeria and Pub, owned by Samantha and William Stanko.
After leasing the property at 8607 Durand Ave., the Stankos plan to use the grant to help fund property improvements and purchase fixtures and equipment. The project, when completed, is expected to create 12 full-time jobs.
“RCEDC and the Village of Sturtevant have been incredibly supportive throughout this process,” stated Samantha Stanko. “This program will help put our business in a position to succeed early on.”
Eligible businesses interested in the loan or grant program can learn more by contacting Brown at [email protected] or 262-898-7444.