Eligibility for CVIC loan pool to be expanded
Posted: April 15, 2011
A small business loan pool that was created in 1993 for the exclusive use of tenants in the Chippewa Valley Innovation Center (CVIC), 3132 Louis Ave., Eau Claire, may be used for other fledgling companies if approved by the Eau Claire County Board next week.
The Eau Claire City Council this week unanimously approved steering funds from a $215,000 loan pool to applicants that need technical assistance or early-stage funding to further enhance a new company.
"The county didn't really have a program that fits the needs of early-stage companies, so this fills that gap," said City of Eau Claire Economic Development Department Director Mike Schatz, who added that the city, the CVIC Board and the Eau Claire Area Economic Development Corp. have approved the changes to the program.
"This will be a direct loan program whereas in the past, the funds were used as a guarantee. The loan funds will also be available to any applicants in Eau Claire County," said Schatz. TBL