2012 WCEDC Membership Drive
The Washburn County Economic Development Corporation is beginning its 2012 fall membership drive. The WCEDC is a 501(C)(3) Non-Profit Corporation, whose overall mission is to, “Expand the Tax Base, Create New Jobs, and Retain Existing Business in Washburn County.”
The primary goals of the EDC are to help bring new business and industry into the county, assist in growing existing business/entrepreneurship, and to increase viable employment opportunities and increased income for business, industry and workers. Some of the ways this happens include:
- Working with existing business on expansion and retention opportunities
- Marketing the county’s many amenities to targeted industries and businesses outside of Washburn County
- Networking and referral with national, state, regional, local and private development agencies and other economic resources including area realtors
- Working with the local/area commercial lending industry on finance options for businesses to receive the best possible rates and most flexible terms
- Provide business technical assistance including one-on-one consultation, meetings, seminars, Webinars and classes on current and useful topics and processes
- Dealing with and providing solutions to common business problems
We encourage participation by Washburn County business and industry and also those outside of the county that provide service (utilities, lenders and etc.) to the county and the various county political subdivisions (townships, villages and cities).
The WCEDC also markets and manages 5 Washburn County Industrial Development Agency -Revolving Loan Funds to assist in county business finance solutions. The RLFs can be used for a variety of business needs including expansion, new equipment and systems, working capital, inventory, the purchase and renovation of real estate (sites and facilities) and in some cases refinancing of existing debt. The financing amounts and requirements vary from fund to fund. Interest rates and terms are flexible and competitive. The funds can be used by both new and existing businesses in Washburn County.
For the period from June 1, 2010 to May 31, 2011 the WCEDC has assisted in loans totaling $345,000.00 for the period. The loans resulted in the creation of 7 new jobs and the retention of 27 existing jobs for a total of 34 jobs for Washburn County. The overall total number of loans currently managed by the WCEDC is 40 with a value of $1,809,118.00 and have been responsible for creating and retaining 239 full-time jobs at an average cost of $7,570.00/job. The EDC has also provided technical assistance to many more businesses and potential loan customers during the period.
The WCEDC has recently been awarded a $200,000 Revolving Loan Fund (RLF) Loan at a very low interest rate over a long term that it can borrow to small businesses in Washburn County. Connected to the RLF is a $50,000 annual technical assistance grant to provide training and technical assistance to small businesses in the county. The program is the U.S.D.A./Rural Development – Rural Microentrepreneurs Assistance Program (Program). With this program we are able to provide partial financing to eligible new and existing small businesses (10 or fewer employees) with loans of up to $50,000 over a ten-year term. There is a 25% equity match for the loan by the participant. Loans can be used for a variety of needs including the purchase of real estate, equipment, and working capital. New construction is not allowed.
With the RMAP the WCEDC will be able to provide additional technical assistance at little or no cost to new or existing small business in setting up their accounting systems, providing legal assistance for organizing the business and for providing business planning help and collaborative training, educational meeting, seminars, Webinars and the like. Training and consultation will be provided by area business development resources; including the SBA, area University Small Business Development Centers, UW-Extension, EDC staff and others.
By participating in a WCEDC Membership you will enable the EDC to continue to provide all the above mentioned services and continue to represent area business interests by working with various federal, state and local agencies and functions and by continuing to work with State and Federal Legislators and other various key agency resource personnel that provide assistance to business. WCEDC will continue to collect and distribute new and emerging information as it becomes available on programs, regulations and other benefits to county business and industry.
All membership contributions are TAX DEDUCTIBLE.