Loan Application Process

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, collateral, 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.

Deadlines

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 15, 2025
December 25, 2024
February 19, 2025
January 29, 2025
March 19, 2025
February 26, 2025
April 16, 2025
March 26, 2025
May 21, 2025
April 30, 2025
June 18, 2025
May 28, 2025
July 16, 2025
June 25, 2025
August 20, 2025
July 30, 2025
September 17, 2025
August 27, 2025
October 15, 2025
September 24, 2025
November 19, 2025
October 29, 2025
December 17, 2025
November 26, 2025