Door County & Sturgeon Bay Working Together for Revolving Loans

The City of Sturgeon Bay and Door County operate separate revolving loan funds that are used to stimulate economic development by providing financing to new or expanded business ventures. Recently, the Wisconsin Department of Administration instituted a program requiring all of the revolving loan funds still considered federal funds to be returned to the state. The ruling does not impact the city program, but it does impact the county’s fund. Because of its benefits and many successes, the county wants to continue the loan fund. As a means of continuing its program, the county asked the city to approve a plan to open up its revolving loan fund to countywide applicants and the county ensure that at least a portion of its Community Development Block Grants would go to a qualifying project in the city. The Sturgeon Bay City Council gave its blessing to the arrangement on Tuesday. Approval from both municipalities must be achieved before the plan can move forward.

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