The WCEDC was recently awarded funds from the United States Department of Agriculture/Rural Development for the creation of a microloan program to boost job creation and provide opportunties in Washburn County.

 

The Economic Development Corporation was on of six (6) sucessful applicants in the state that competed nationally for funds for the Rural Microentrepreneur Assistance Program (RMAP), which was authorized and funded by the Food, Conservation and Energy Act of 2008 (Farm Bill).

 

The program will provide support for small business formation/retention and also offer technical assistance and training to county-area small businesses. The RMAP will provide mocroloans of up to $50,000 to small or microenterprises with ten (10) or fewer employees.  It creates opportunities for small business business to prosper by giving them access to needed capital for start-up, expansion and operations.

 

Additionally, the funding will provide employment opportunities through investment, training, and managment assistance.

 

The WCEDC as an eligible Mircoenterprise Development Organization (MD0) received a $200,000 low-interest, long-term loan and a $50,000 Technical Assistance Grant.  The loan will be used to establish a rural microloan revolving fundor to relend the money in small amounts at competitive rates and terms for small new and existing business in Washburn County.

 

Grant dollars will be used to provide technical assistance to mircoentrepreneurs in such areas as business planning, help with the legal structure of the business, assistance in setting up an accounting system, one-on-one counseling and training on a variety of small business needs.

 

The purpose of RMAP is to support the creation, development and on-going sucess of rural microentrepreneurs and microenterprise.

 

For more information on the new program contact the WCEDC offices at (715) 635--8241.  You can also stop into see us at 208 Vine Street - Spooner, WI 54801 between 8:00A.M. and 4:30P.M.washburncodvcp@centurytel