Revolving Loan Fund

Start-up and existing businesses within Wauwatosa may be eligible for loans up to $100,000 through the Wauwatosa Revolving Loan Fund Corporation (WRLFC). WRLFC was established to provide assistance to Wauwatosa businesses that do not qualify for traditional financing. The Board of Directors of WRLFC manages and administers the lending program. 

Principle objectives of the WRLFC include:

• Improve existing businesses and business neighborhoods in the City of Wauwatosa.
• Increase the number of individual businesses within the City of Wauwatosa.
• Increase jobs and job opportunities within the City of Wauwatosa.

Eligible projects include:

• Land/Building Acquisition
• Construction
• Remodeling
• Expansion
• Machinery & Equipment
• Leasehold Improvements

How it Works

• Loans will be made in an amount not to exceed $100,000 for a term, in most cases, not to exceed 60 months.
• Interest rates are determined at the time the loan is approved and vary with market conditions.
• Business owners or prospective owners are normally required to provide at least 10% of the project cost.
• Equipment and other personal property are used as collateral.
• In the case of real estate collateral, the real estate shall be appraised.
• Wauwatosa Revolving Loan Fund Corporation may require that a bank or other regulated lender participate in the financing of a project.

Additional Requirements

• Personal guaranty of the borrower.
• Title insurance in favor of WRLFC where real estate is a component of the project.
• Evidence of hazard insurance in a sufficient amount with WRLFC named as the mortgagee.
• Appraisals performed by a qualified, independent appraiser. WRLFC reserves the right of approval.
• Flood plain information.
• Loan application fee of $100.
• Start-up companies must submit a business plan and personal financial statement(s) of the borrower(s).

The Application Process

• Step 1: Download a Revolving Loan Fund Application or contact the City of Wauwatosa Comptroller’s Office at 414-479-8962.
• Step 2: A prospective borrower should contact an area bank to discuss the project to be financed and generate interest on the part of the bank in working to develop an overall financing program.
• Step 3: Return the completed application with the application fee to the Comptroller's Office, City of Wauwatosa, 7725 West North Avenue, Wauwatosa, Wisconsin   53213.  The application will be reviewed for completeness; if incomplete, it will be returned to the applicant.  Applications received by the first day of the month will be considered by the Board at their monthly meeting.
• Step 4: If the application is complete, a credit report on the applicant will be obtained and the status of real estate tax payments on properties owned by the applicant within the City of Wauwatosa will be reviewed.
• Step 5: The Loan Application Coordinator and a member of the Board of Directors of WRLFC will interview the applicant.
• Step 6: The Loan Application Coordinator will review the application and documents provided by the applicant, prepare a financial analysis, and prepare a loan package presentation for the Board of Directors.
• Step 7: A presentation of the package is made at the Board of Director's monthly meeting. If the proposal is rejected, a rejection letter is sent to the applicant. If the proposal is accepted, a commitment letter is sent to the applicant.
• Step 8: WRLFC’s attorney prepares the loan closing documents and disburses the funds. The loan recipient is requested to pay normal attorney’s fees.