STURTEVANT — To help encourage business improvement, retention and attraction, the Village of Sturtevant has created a new program with favorable loan terms: little or no capital requirement, low interest rate and deferral of capital.
The program also allocates funds for grants to help businesses and landowners with their expansion projects. Loan sizes range from $50,000 to $250,000, while the grant program provides up to $25,000 or no more than 50% of total eligible costs.
“We strongly encourage companies to apply,” Sturtevant President Mike Rosenbaum said in a statement. “This type of opportunity aligns directly with our strategic community goals, and I can’t wait to see the types of improvements coming to the village.”
According to a press release from the Racine County Economic Development Corporation, the loan and grant programs are awarded to businesses located in 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 must also demonstrate a benefit to the community.
“We (RCEDC) have worked diligently with the Village of Sturtevant to source, coordinate and provide the most valuable assistance to businesses in this district,” said RCEDC Business Recruitment Specialist Jordan Brown. “I am convinced that this program will contribute to strengthening the economic vitality of Sturtevant.”
An early example of the use of the grant program is Nonna Wells Pizzeria and Pub, owned by Samantha and William Stanko.
After leasing the property at 8607 Durand Avenue, the Stankos plan to use the grant to help fund improvements to the property 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,” said Samantha Stanko. “This program will help position our business for success from the start.”
Eligible businesses interested in the loan or grant program can find out more by contacting Brown at [email protected] or 262-898-7444.