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Follow these steps to apply for the financing options offered by the City of Eau Claire.
Determine Eligibility
To begin the application process, reach out to our division via email or phone call. Our team will help you review the guidelines for each loan program to find the right financing option for your business and will make recommendations depending on factors such as your income, credit score, business type, and intended use of the loan funds.
Complete an Application
When a loan program has been selected, our team will provide the application and next steps. Carefully fill out all sections of the form, gather all necessary documentation listed on the checklist included in the application, and submit all of your materials via email or in person. We will then review all of the materials you provided to ensure they’re complete.
Present to the Loan Board
Once your application is ready, we will invite you to present before the Loan Board. At this meeting, board members will review your application and ask questions so they understand the intended use of the loan funds. They will then deliberate and deliver a decision by the end of the meeting or request more time.
Sign Loan Documents
If your loan is approved, the Finance Department will extend a final offer outlining the interest rate, terms, and conditions of the agreement. Read these documents carefully and ask any questions you have before signing. Then sign and return them to the Finance Department.
Receive Funds
Once the loan documents have been signed, you will receive the loan funds as outlined in the agreement, usually within 1-2 months. Be sure to only use the funds for their intended purpose and adhere to the repayment schedule so you can maintain a positive credit history and avoid any potential penalties or fees.
The Loan Administration Board meets from 11:30am-1:00pm on the third Wednesday of the month if there are applications to discuss. Review the deadlines for each meeting below.
| Meeting Date | Materials Deadline |
|---|---|
|
January 17, 2024 |
December 27, 2023 |
|
February 21, 2024 |
January 31, 2024 |
|
March 20, 2024 |
February 28, 2024 |
|
April 17, 2024 |
March 27, 2024 |
|
May 15, 2024 |
April 24, 2024 |
|
June 19, 2024 |
May 29, 2024 |
|
July 17, 2024 |
June 26, 2024 |
|
August 21, 2024 |
July 31, 2024 |
|
September 18, 2024 |
August 28, 2024 |
|
October 16, 2024 |
September 25, 2024 |
|
November 20, 2024 |
October 30, 2024 |
|
December 18, 2024 |
November 27, 2024 |