Community Development Authority OK's two loans for downtown businesses

By Ryan Billingham - Enterprise Staff

April 22, 2015

OCONOMOWOC - Two businesses will benefit from low-interest loans administered by the city's revolving loan fund partnership with First Bank Financial Centre.

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 downtown.

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.