The City of Manitowoc has two (2) Revolving Loan Fund (RLF) programs. The City’s downtown revolving loan fund has invested $863,000 in public monies into 19 downtown businesses, and has leveraged over $4.8mm in private investment dollars. The City’s industrial revolving loan program has invested over $3.0mm in public monies into 23 Manitowoc businesses (non-downtown), and has leveraged over $24.0mm in private investment dollars. In addition to projects funded directly through the City's RLF programs, the City's business loan portfolio includes $2.1mm in State economic development grants to support six (6) additional businesses. These funds have leveraged an additional $8.05mm.
Total # of loans: 48
Total public investment: $6.00mm
Total private investment: $36.85mm
Encourages the revitalization of businesses in downtown Manitowoc
Provides long-term, fixed-rate financing at 4% interest with low down payment requirements
Blended program and conventional rates result in effective interest rates between 1 - 1.5% below prime.