STURTEVANT — To assist encourage enterprise enchancment, retention and attraction, the Village of Sturtevant created a brand new program with favorable mortgage phrases: little-to-no fairness requirement, low curiosity and principal deferrals.
This system additionally allocates funding for grants geared toward helping enterprise and property house owners with their growth initiatives. Mortgage sizes vary from $50,000-$250,000, whereas the grant program gives as much as $25,000 or not more than 50% of complete eligible prices.
“We extremely encourage companies to use,” mentioned Sturtevant President Mike Rosenbaum in an announcement. “This sort of alternative immediately aligns with our neighborhood strategic objectives, and I am unable to wait to see the sorts of enhancements to return throughout the village.”
In keeping with a information launch from Racine County Financial Growth Company, each the mortgage and grant packages are allotted to companies inside an space recognized as Tax Increment District No. 4. Eligible makes use of embrace however are usually not restricted to: land and buildings, equipment and gear, web site preparation, leasehold enhancements and restricted working capital.
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Initiatives additionally should show a profit to the neighborhood.
“We (RCEDC) have been working diligently with the Village of Sturtevant to analysis, coordinate and supply essentially the most beneficial help to companies inside this district,” said Jordan Brown, RCEDC’s Enterprise Recruitment Specialist. “I am assured this program will assist improve the financial vitality in Sturtevant.”
An early instance 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 make use of the grant to assist fund property enhancements and buy fixtures and gear. The mission, when accomplished, is anticipated to create 12 full-time jobs.
“RCEDC and the Village of Sturtevant have been extremely supportive all through this course of,” said Samantha Stanko. “This program will assist put our enterprise able to succeed early on.”
Eligible companies within the mortgage or grant program can be taught extra by contacting Brown at [email protected] or 262-898-7444.