Financial Assistance  

Good business is important to the well being of our community. That is why the City of Eau Claire and the State of Wisconsin step forward to offer a helping hand to businesses who are creating new job opportunities, expanding their operations or bringing new technology to the City of Eau Claire.

All City incentives are subject to the Prevailing Wage Ordinance and Wisconsin Department of Workforce Development Wage Rates.

Here is a listing of programs available to business owners. To apply or obtain additional details please contact Mike Schatz by phone 715-839-4914 or via email.

Job Credit / Building Credit Program (City of Eau Claire) ▲

Eligibility: Manufacturers that will create new jobs are eligible. Eligible uses of funds include fixed assets; capital equipment purchases; land and facility purchase; remodeling and rehabilitation. Subject to approval by Eau Claire City Council.
Terms: $1,000 credit per $100,000 building valuation; $1,000 credit per each job created
Application: Contact Mike Schatz at the City of Eau Claire (715-839-4914) for an application.

Revolving Loan Fund (Economic Development Administration) ▲

Eligibility: Companies in manufacturing or service industries that will create new jobs are eligible. Dislocated workers who start manufacturing or service businesses are also eligible. Eligible uses of funds include fixed assets; capital equipment purchases; facility purchase, remodeling and rehabilitation; and some working capital uses.
Terms: $10,000 loaned per each job created. Maximum loan is $100,000 or 30% of the project cost, whichever is less. The maximum term is five years. Interest rate is 60% of the Wall Street Journal prime lending rate, but not less than 4%.
Application: RLF Application (pdf)

Business Development Loan Fund (City of Eau Claire) ▲

Eligibility: The project must leverage private investment of five dollars to each BDF dollar and must create new jobs. It can involve land and building acquisition, renovation, rehabilitation and re-use of existing buildings for commercial and industrial purposes, new construction, redevelopment projects, and the purchase of equipment.
Terms: $10,000 loaned per each job created. Maximum loan is $250,000, or 30% of project costs, whichever is less. The loan will be set at zero percent for the first 2.5 years and 60% of the Wall Street Journal prime lending rate thereafter. Term of the loan is matched to the useful life of the collateral.
Application: BDF Application (pdf)

Technology Zone Tax Credit Program (Wisconsin Department of Commerce) ▲

Eligibility: Any business engaged in the activities of research, development or manufacture of advanced products or materials for use in factory automation, biotechnology, chemicals, computer hardware, computer software, defense, energy, environmental, manufacturing equipment, medical, pharmaceuticals, photonics, subassemblies and components, test and measurement, telecommunications, and transportation.
Terms: Allocation is based on the total Wisconsin income, sales, and property tax payments projected by the business over a three-year period. Job creation, wages, investment, the nature of technology involved, impact on other hi-tech businesses, and importance will also be considered. Tax credit certification is for three years, with an option to extend for two additional years. Maximum tax credits: $250,000.
Application: Tech Zone Information and Application (pdf)

Industrial Revenue Bonds (City of Eau Claire) ▲

Eligibility: Must be a manufacturing business or operator of sewage, solid waste, transit or dock/wharf facilities. State volume cap does apply on a first come first serve basis each year.
Terms: Loan Program. Long-term bond issued by the municipality, backed by the company or project being financed. Fixed or variable interest rates are below market rates.
Application:  Industrial Revenue Bonds Application

Community Development Zone Tax Credit Program (Wisconsin Department of Commerce) ▲

Eligibility: Businesses applying must be creating new jobs, or doing environmental remediation.
Terms: Businesses must remain in the Development Zone The starting average wage floor for consideration is $9.75/hour. Credits will be allocated on a wage tier system:
Tier 1 $3,000 credit / job (wages of $9.75 - $12.99)
Tier 2 $5,000 credit / job (wages of $13.00 - $16.24)
Tier 3 $6,500 credit / job (wages of $16.25 and up)
The employer has two years from certification to reach the wage requirement. If the requirement is met in the first year, the employer will receive 25% of the job credits. In Year 2, they will receive another 25%. In Year 3, they will receive the remaining 50% of job credits.
Environmental Remediation credits apply when a portion of the project includes costs to improve air, water, or soil quality. A business located in the Development Zone is eligible for 50% of the environmental remediation costs incurred.
Application: CDZ Program Application (pdf)

HUBZone Certification (Historically Underutilized Business Zone) ▲

Some areas of Eau Claire have been designated as HUBZones. To view a map of our HUBZone locations and information on becoming a certified HUBZone business, visit www.sba.gov/hubzone/.

Eligibility: A small business must meet all of the following criteria to qualify for the HUBZone program:
- it must be located in a "historically underutilized business zone" or HUBZone.
- it must be owned and controlled by one or more US Citizens, and
- at least 35% of its employees must reside in a HUBZone.
Advantage:

1. HUBZone firms receive preferential treatment on Federal contracts.
2. Eligible HUBZone firms can qualify for higher SBA-guaranteed surety bonds on construction and service contract bids.

Chippewa Valley Angel Investors Network ▲

Eligibility: The angels usually meet with entrepreneurs or businesses with a service or product that will yield high growth financial results, and present a reasonable exit strategy.
Terms: Equity financing. Most deals fall in the $500,000 range.
Application: Contact Pete Marsnik at 715-878-9791.

Clearwater Development Corporation Loan Pool ▲

Eligibility: New construction, purchase or major renovation of an existing building within the boundaries of downtown Eau Claire as defined by the City's Comprehensive Plan.
Terms: Below market interest rates determined on a per-project basis, maximum term of 5 years.
Application: Clearwater Development Corporation Loan Pool Application

Downtown Eau Claire Loan Pool ▲

Eligibility: Downtown Building Owners or Tenants, who are members of Downtown Eau Claire, Inc. Eligible projects include interior and exterior remodeling, purchase of a building, creating housing including projects in the upper floors of downtown properties, parking lot, signage, lighting, and landscaping improvements.
Terms: Minimum Loan: $25,000, Maximum Loan: $250,000 Loan rate as low as prime minus 1%, fixed for 5 years. After that, the loan rate would revert to prime floating for the remainder of the loan term. There will be a maximum for 10-year amortization term.
Application: Downtown Loan Pool Application (pdf)

Downtown Eau Claire Code Compliance Loan ▲

Eligibility: Owners of property in Downtown BID, West Grand BID, and Water Street BID, and North Barstow/Medical BID. Improvements necessary for compliance with the City of Eau Claire/State of Wisconsin building codes are eligible for the loan program. Also eligible are changes to electrical, plumbing and mechanical systems necessary for code compliance.
Terms: The City shall provide a loan equal to 50% of the cost of the changes and improvements required to correct building or fire code deficiencies, not to exceed $10,000. A loan under this program must be matched by an equal investment in related improvements to the building by the property owner or lessee.
Application: Code Compliance Info and Application

Downtown Eau Claire Façade Loan ▲

Eligibility: Property owners of buildings located within the downtown boundaries as defined by the HyettPalma Study or located in the Water Street Commercial Area as defined in the Water Street District Plan. Eligible projects include: Exterior improvements only, Front or rear facades and visible sides, Projects which provide accessibility for handicapped persons, Projects which eliminate health hazards and code violations, Signs.
Terms: Eligible projects may use one of the following options:
1. Façade loans of $2,000 or less will be serviced directly through the City of Eau Claire’s Economic Development Division. The interest rate will be 0 % for a maximum of a three-year term
2. For loans in excess of $2,000, the City will participate up to 50 % of a project or a maximum of $2,000. A local financial institution shall participate in the remaining 50%. The City will lend at an interest rate of 0% while the lending institution shall lend at its prevailing market rates. The maximum term under this option shall be five years.
Application: Downtown Façade Information and Application

Downtown Eau Claire Loft Matching Grant ▲

Eligibility: Downtown Building Owners or Tenants, who are members of Downtown Eau Claire, Inc. Eligible improvements include: Restoration, rehabilitation or renovation of existing interior features, New interior features which significantly enhance the desirability and/or marketability of the project; or Other improvements or alterations that would require compliance with applicable city codes and (if applicable) design guidelines for housing development.
Terms: Grant amounts shall provide building owners/developers a reimbursement for up to 50% (or $2,000, whichever is less) of expenses incurred with the analysis and/or architectural design of a downtown loft apartment project. If a project is not implemented, 50% of expenses incurred will be reimbursed up to a maximum of $1,000.
Application: Downtown Loft Matching Information and Application

Other Federal, State and Regional Financial Programs ▲

Links below offer additional resources about other federal, state and regional financial programs.

Financial Resources (pdf)
Finding Money For Your Business (pdf)
Selecting a Financial Institution (pdf)
The Grant Myth (pdf)