OCONOMOWOC - Two businesses will benefit
from low-interest loans administered by the city's
revolving loan fund partnership with First Bank
The Community Development Authority
approved two $25,000 loans at its Tuesday meeting.
One will help Oil Well Lake Country, a
specialty oil, balsamic vinegar and essential oils store
with a health and wellness component, complete its
retail location at 31 S. Main St.
Mayor Jim Daley, acting as an ad hoc
member of the CDA after the departure of Floss Whalen,
said the store will be an attractive addition to
Owner Kathy Larson said her business will
open in early May.
The other will go to Stapleton Realty &
Appraisal. In 2012, the building at 112 N. Main St. was
damaged by fire.
Owner Maureen Stapleton said she is
nearing completion of its renovations, and is proud to
claim she has used contractors and products almost
solely from Oconomowoc to complete the work.
The building also has two rental units in
its upper level.
Economic Development Director Robert
Duffy said the revolving loan fund is healthy, with more
than $400,000 available.
The fund allows the city to grant
low-interest loans through First Bank Financial Centre
to help small businesses come to fruition.
As the loans are paid back, the money
becomes available again for the same purpose.