At the Vilas County Economic Development Corporation we live our mission to support area businesses. While news is rapidly evolving, here is a list of current resources for businesses to utilize to help respond to the COVID-19 Pandemic.
(This information will be updated on daily basis as news comes in.)
March 31, 2020
The Central Wisconsin Economic Development (CWED) Fund, Inc. is now open to new borrowers to its Micro-loan program. The CWED Loan Committee is working with existing borrowers at their request, to defer principal payments or principal and interest payments. New loan applications will be accepted as before, and the loan committee is set up to review and respond as quickly as possible.
The CWED Micro-loan Program has the following features:
Loan size - $5,000 - $50,000
Use of Funds – working capital, inventory purchase, machinery and equipment, furniture, fixtures, supplies, leasehold improvements, minor building renovation/rehabilitation or natural disaster recovery.
Matching Funds – private funds must be invested with a minimum of 20% matching requirement.
Interest rate – to be established by the CWED Board, the current floor is 3% and they are using between 4-6% at this time with other new loans.
Collateral – is required and will usually take the form of security interest in all of the applicant’s assets.
Personal Guarantees – unlimited personal guarantees are required from any person with a 20% or greater ownership interest in the business.
Repayment – monthly repayment required. Under special circumstances, payment of interest and/or principal may be deferred with Board (or loan committee) approval for a period up to 12 months.
The Committee will be focused on assisting the businesses. Requirements like the 20% matching private funds may be relaxed, based on the borrower.
For more information contact Kristen Fish-Peterson at (715) 581-1452 .
March 30, 2020
Small Business Owner's Guide to CARES Act
Small Business Q & A
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers.
This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate here. Struggling to get started?
The following questions might help point you in the right direction. Do you need: • Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you. • A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant. • To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help. • Just some quality, free counseling to help you navigate this uncertain economic time? The resource partners might be your best bet.
Click here for the full Q & A document: https://wisconsinsbdc.org/services/covid-19/
March 25, 2020
All businesses are encouraged to carefully read Executive Order #12 (Safer at Home) to identify if their business, or any part of their business, is determined to be essential under the order.
Should you have any questions after reading the order, further guidance can be found at https://wedc.org/essentialbusiness/. In the circumstance that a business is performing essential functions not included in these approved categories, it may request to be designated as essential by submitting the form available at the link above to the Wisconsin Economic Development Corporation.
March 24, 2020
Below is a link to Governor Evers Safer At Home Order. This order shall become effective at 8:00 a.m. on Wednesday, March 25, 2020 and will remain in effect until 8:00 a.m. on Friday, April 24, 2020, or until a superseding order is issued.
March 23, 2020
COVID-19 Resources for Manufacturers
Members of the MEP National Network have developed a list of the available resources to help Wisconsin manufacturers during the Covid-19 pandemic.
They intend this to be a one-stop shop for many of questions, big and small. Information will be updated on this resource page as it becomes available, click here.
March 21, 2020
Wisconsin has now been added to the SBA’s Economic Injury Disaster Loan Assistance program. Please click on this link via the Wisconsin Economic Development Corporation (WEDC) and their COVID-19 Business Resources page:
For the SBA site go to:
March 18, 2020
WEDC announces targeted grants to small businesses suffering losses due to coronavirus emergency
Greater Northwoods Supporting Small Business
Here is an online resource with a list of local small businesses offering gift cards and specials - anything that will increase your revenue during this social distancing phase.
The goal is to encourage our community to keep shopping/eating/spending money locally - to connect the community with ways they can support local businesses.
So far, there are more than 60 business owners who have submitted their information and thousands of people have visited the page. But we need to cast a much larger net and get all local businesses in there.
So if you want to add your business, or you know of a business, or you’d like to share it on social media… please follow this link:
To ensure that your your business listed, please fill out this form:
March 17, 2020
Small Business Association Offering Assistance
Facebook is offering $100 million in cash and ad grants to businesses.
We can email you a PDF highlighting many of the wonderful aspects of our area: