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Development
Economic Development Loans
For this loan program the City uses federal funds to create job opportunities for low-to-moderate income workers. Borrower must guarantee that he/she will create at least one new job for every $10,000 the City lends. At least 51% of these new jobs must be filled by a worker from a low-to-moderate income household. Any construction/rehabilitation work associated with these loan funds must comply with Federal Fair Labor Standards provisions of the Davis-Bacon Act, i.e. contractor must pay prevailing wage. Federal rules require the City to apply a "necessary and appropriate" test to all loan requests. This means that the applicant must provide evidence that he/she is unable to obtain all the financing needed for the project on affordable terms.
In cases where the project will result in an extraordinary economic benefit to the community, the Common Council will consider waiving these guidelines on eligible costs, required lender participation and maximum loan amount.
Program Details:
- Eligible businesses: industrial and commercial
- Eligible costs: acquisition of property and equipment, new construction or rehabilitation of existing facilities. No working capital loans.*
- Structure: the City's program is intended to bridge the gap between the amount a conventional lender is willing to lend and the amount that is needed to finance the project. Lender participation must be at least 67%.*
- Maximum loan amount: $150,000
- Minimum loan amount: $10,000
- Repayment terms: Matched to company's debt service capacity, maximum of 20 years.
- Interest rate: market rate
- Fees: 1% of loan amount, minimum of $500.00
- Average processing time: 60 days
Small Business Development
Technical and financial assistance is offered to businesses with five or fewer employees. Technical assistance is in the form of classroom instruction and one-on-one counseling on the various aspects of operating a business. Financial assistance is in the form of "seed loans" of $5,000 to $25,000 designed to attract other conventional financing. The Small Business Development Program is managed by the Wisconsin Women's Business Initiatives Corporation under a contract with the City of West Allis.Starting a business in West Allis
West Allis welcomes your news business to our community. As you establish your business, we would like to work with you to accommodate your business needs. Some general guidelines to help start your business:- Locate a site for your business
- Check zoning and permit requirements in the Building Inspection and Zoning Department
- Submit plan for site, landscaping, architectural review and signage [Guidelines]
- Learn about occupancy permits in the Building Inspection and Zoning Department
- Learn about business license requirements in the Clerk's Office
