WEST BEND - A
West Bend alderman, while following up with recipients of the
city’s revolving loan fund, has developed a few ideas to build
on what he sees as an already-successful program.
Chris Jenkins is in the midst of following up with businesses in
repayment of the city’s loan fund, and plans to present the
findings to City Council in September.
As part of
the presentation, he said he will provide suggestions as
discussion points for his fellow aldermen.
recommend the city advertise the program better, expand to
smaller “mom-and-pop” shops and broaden the fund’s definition to
more than just manufacturing.
loans money to businesses that promise to pump investment back
into the local economy through measurable economic benchmarks.
of the fund is economic growth in the city.
primary use (is) to help businesses, primarily manufacturing,
distribution and service, grow with money they would not
normally have access to,” Jenkins said.
addition, the loan fund has job creation and private investment
benchmarks recipients must meet.
city makes loans to businesses, those businesses make
commitments to the city,” City Administrator T.J. Justice said.
“Typically there’s a job creation component, maybe a job
retention component. They’re committing to a certain level of
new investment, and they’re also obviously committing to
repaying the loan.”
said the program can be a “special tool” in the city’s pocket,
or something it could be proud of. “We need to have a
conversation as a council on how we want to use that,” He added
though the loan branches out from manufacturing businesses at
times, the goal in 2012 was to expand on that sector. He wants
to see if council has the appetite of expanding that objective
as “anyone’s game.”
created this fund in 2012 with $1.7 million coming from a few
different places in the city’s budget, Jenkins said.
Development Washington County performs most of the monitoring
for these loans, Justice said. “However, my staff does do a
follow up with some of these loan recipients to also do an
independent check,” he said.
is gathering updated numbers, Jenkins said Thursday afternoon
the businesses are generally meeting their goals as of May.
businesses he is monitoring include Delta Defense LLC, Spaulding
Clinical Research LLC, Federal Tool & Engineering, MD Design &
Automation, Regal Ware Inc. and Affiliated Clinical Services.
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