Thinking about starting or growing your business in Eau Claire? You’ve probably already realized that securing the right financing can sometimes be a bit tricky depending on where you’re at in the lifespan of your business. Luckily, the City of Eau Claire offers business loan programs designed to help local entrepreneurs like you get the funding you need, whether it’s to launch a new idea, expand your operations, or create jobs in the community.
If you’re wondering, “How do I actually apply for one of these loans?” Here’s a straightforward step-by-step guide to walk you through the process.
Step #1: Explore City Loan Programs
Before jumping into the application, it’s important to understand the different loan programs the City of Eau Claire offers and find the one that fits your business goals. These loans aren’t one-size-fits-all. They’re specifically tailored to support various projects and needs.
For example, the Low Barrier Loan Program is perfect if you need capital to start a new business or expand an existing one. It can cover things like equipment, inventory, working capital, or renovations. This loan is especially helpful if traditional bank loans aren’t quite the right fit. Or you’re focused on improving your building’s exterior, the Commercial Building Façade Loan Program is designed to help beautify storefronts and commercial buildings, boosting your curb appeal and revitalizing neighborhoods.
There are other options too, including loans aimed at job creation, economic development, or specific industries. Each program has its own eligibility, loan limits, and repayment terms, so take the time to explore what’s available.
The best place to start is this page on our City of Eau Claire Economic Development Division website, where you’ll find clear info on each program—what each is for, who qualifies, funding amounts, and special requirements. Reviewing these details will help you pick the right loan and prepare for the next steps.
If you’re unsure which loan fits your business, reach out to us for guidance. Our staff are experts at matching entrepreneurs with the right resources and can help you find your best fit before applying.
Step #2: Get in Touch with the City Economic Development Team
If you have an idea of which loan might work for you and haven’t chatted with us yet, reach out to us the City of Eau Claire Economic Development Division. Think of us as your personal guides through the loan process, here to make the application process easier.
All of the City’s loan programs have specific requirements or details that aren’t obvious at first glance. Chatting early means you get clear answers, learn about updates, and understand what makes a successful application. We’ll help you make sure the loan you have in mind is the best option for your project—sometimes your idea qualifies for multiple options, and we’ll help you avoid wasting time on loans that aren’t the right fit.
Setting up a quick meeting, whether it ends up being in person, over the phone, or via video chat, can also save you time and headaches in the long run. Plus, you’ll get tips on what makes an application stand out and learn about local resources or partnerships that can support your business. And don’t worry if this is your first loan application; our division works with entrepreneurs at all stages and truly wants to help your business receive funding.
When you’re ready, use our online form to request a time to talk. Taking this step early shows you’re serious and proactive—always a good look.
Step #3: Prepare Your Application Materials
Once you know which loan program fits your needs and have connected with our team, it’s time to gather your application materials. Being organized not only speeds things up but also shows you’re prepared.
Here’s what you’ll typically need:
- A Detailed Business Plan & Project Description: Tell your story. Explain what your business does, your goals, and how the loan will help you reach them. Be specific—whether it’s buying equipment, renovating, or launching a product. The clearer your vision, the easier it is for City staff and members of the City of Eau Claire Loan Administration Board to see your potential.
- Financial Statements: This will include recent business and owner tax returns, financial projections, profit and loss reports, and cash flow statements. These documents show your business’s financial health or your plan for managing the loan. If you’re new and don’t have any financial history yet, your business plan and financial projections can help fill the gap.
- A Clear Explanation of Loan Fund Use: Break down your budget—equipment, inventory, hiring, renovations—whatever it is, be transparent. This builds trust.
- Any Necessary Permits or Licenses: Include copies or proof of application for any required business permits, health approvals, zoning, or professional licenses to show you’re compliant.
- Personal Background Info: The City requires the running of a background check on key business owners. Lenders want to see you’re responsible financially and capable of repayment.
Clarity, accuracy, and organization are key here. Label your documents, add summaries if needed, and double-check that everything is complete. A well-put-together application helps the team understand your business and how the loan will help it succeed.
If you’re unsure about what to include, Economic Development Division staff will guide you. We‘ll also review your materials before submission to the Loan Administration Board and can offer advice along the way.
Step #4: Complete & Submit Your Loan Application
With your materials ready, it’s time to fill out the official loan application. Economic Development Division staff will email a fillable copy to you or your contact person, along with a list of guidelines, a checklist of materials to include along with the completed application, and next steps.
Take your time filling it out carefully. Rushing can lead to mistakes or missing info that slow down approval. If you have questions about any section, ask us. We’re here to help. Refer back to your prepared documents as you fill out the form to keep your info consistent and professional too.
Once you’re finished, double-check everything: that all attachments are included, signatures are in place, dates and numbers are accurate. Incomplete or incorrect applications can cause delays or rejection, so this step is worth extra care.
Then, be sure to submit your application and all supporting documents by the deadline ahead of your requested Loan Administration Board meeting. Missing this deadline means you’ll have to wait for the next funding round a month or sometimes two later, which could delay your plans.
Finally, keep copies of everything you submit, including both your applications and attachments. Having your own organized records is a lifesaver for future reference or updates during review should we have any follow-up questions.
Step #5: Application Review & Follow-Up
After you submit your application, our Economic Development team will review everything carefully. We’ll check your application, business plan, financials, and documents to make sure your project fits the loan goals. Sometimes we’ll ask for more info or clarifications; that’s a normal part of our due diligence process.
Once your application packet is approved by City staff, your project will be added to the agenda for the next Loan Administration Board meeting, a commission of community members (typically local bankers, lawyers, and other professionals) who make the final decisions. Staff will then invite you and any partners, staff, or other individuals involved in the application process to present at the meeting. No need to sweat! This presentation will be low-pressure—just a discussion of the materials you submitted outlining your business and the use of funds. This commission is a group who volunteers their time, and they want to support local businesses and help Eau Claire thrive through these funding programs.
During this stage, it’s smart to stay proactive. Don’t hesitate to check in with our Economic Development contact for updates. A quick call or email keeps you informed and shows you’re engaged and serious. If we request additional info, respond promptly. The sooner you provide what we need, the faster the process moves along.
Keep in mind timelines can vary depending on the program and volume of applications. Patience helps, but staying in touch keeps you top of mind.
Step #6: Loan Decision & Closing
Congratulations! If you’ve reached this step, your loan application has been approved by the Loan Administration Board.
City staff will send you official loan documents to review and sign. This is when everything becomes official, and you get familiar with the loan terms. You’ll discuss important details like interest rates, repayment schedules, loan amount, and any special conditions. Don’t hesitate to ask questions; we want you to be confident before signing.
After signing and completing any last steps, the funds will be disbursed to your business. Now you can put your plans into motion, whether that means buying equipment, renovating, or hiring staff. Remember, once the loan is active, staying on top of repayment is crucial. And if challenges come up, the Economic Development team remains a resource to help you navigate them.
This closing step is a major milestone. You’re on your way to growing your business and supporting Eau Claire’s vibrant local economy!
Step #7: Use Your Loan & Stay Connected
You did it—you’ve secured your City business loan! Now comes the fun part: bringing your vision to life.
Whether you’re purchasing equipment, updating your storefront, or hiring employees, your loan funds are here to help make it happen. Keep track of your spending and progress to stay on budget and hit your goals. This will also help if you need to provide updates or reports later.
And just because your loan is funded doesn’t mean the support stops. The City of Eau Claire Economic Development Division is still here for you. Whether you need advice, help navigating challenges, or connections to other local programs, don’t hesitate to reach out. We want your business to succeed and can be a valuable partner as you grow. Think of us as an ongoing resource—whether you want marketing tips, hiring guidance, or ideas for your next big step, we’re just an email or a call away.
Staying connected helps your business thrive and strengthens the whole Eau Claire community. So, keep the conversation going, and let’s build something great together!
Start the Application Process
Applying for a City of Eau Claire business loan doesn’t have to feel overwhelming. The application process is lengthier and more involved than traditional financing, but with the right info and a bit of preparation, you can navigate each step and get the financial boost your business deserves. Ready to get started? Visit the City of Eau Claire Loan Programs page for all the details and contact info. Your business dreams are closer than you think. Let’s make them happen!
About The Author
Kendall Williams
Marketing & Communications Specialist
Kendall implements the City of Eau Claire Economic Development Division’s marketing strategies, coordinates business assistance, and supports data-driven planning and analysis.
