The City of Kenosha Forgivable Loan Program is focused on existing, for-profit businesses located in the City of Kenosha looking for business financing if the business owner is low income with a micro business or if the COVID-19 loans are forgivable provided job creation/retention requirement is met.

Term Loan – Loans can range up to $15,000 with a term of up to 12 months

Forgivable – Loan is forgivable provided job creation/retention requirement is met after 12 months

No Collateral – No open judgments/collections unless on payment plan

Additional Details:

• Deferred, forgivable loan (no interest, no payments)
• The loan is forgiven, as long as the job creation or job retention requirement is met at the one year anniversary from the closing date and loan funds being disbursed – and if business is still operational
• Funds must be used for working capital for business purposes only, no improvements would be allowed and no use of funds for personal use will be allowed

Eligibility:

• Businesses cannot be a start-up
• Businesses must be for-profit
• Spousal Guarantee Required
• Credit Report: Minimum Credit Score has to be 580
• No open judgments/collections unless on payment plan
• Business needs to be in good standing with State of Wisconsin
• 2019 tax returns and 2020 profit and loss statement through December 31, 2020
• Current on City of Kenosha property taxes
• The business owner must meet at least one of the following criteria:

1. The business is a micro business, 5 or fewer jobs, and the business owner’s household income is under 80% of the Kenosha County Area Median.
2. If the micro business owner does not meet the income requirement, they will agree to create or retain a job within one year of the receipt of funds for an employee who is under 80% of the Kenosha County Area Median for Individual Income.
3. Including the business applicant, the business has 20 or fewer employees, and within one year of receiving the funds, will document the creation or retention of at least one full-time equivalent job for a person under 80% of the Kenosha County Area Median Income.

Job creation can include bringing back a person who was laid off.

Required Documentation

Businesses must provide all documents to be considered for the forgivable loan below:

• 2019 business tax returns and 2020 profit and loss statement through December 31, 2020
• If W-2 income, 2020 W-2 from anyone 20% or more guarantors (personal guarantee required)
• 2020-year end business P/L and balance sheet (2020 tax returns if available)
• Existing Business Debt Schedule
• Personal Financial Statement
• Executive summary to “tell the story” (no projections needed; template will be provided)

Fees:

There are no fees associated with this loan.

Questions? Contact Us:  

For additional information or questions about applying for The City of Kenosha Forgivable Loan Program, please contact Jenn Ring at jring@wwbic.com.

NOTE – The “Apply Here” link below will be activated on Monday, January 31st.