So, you got the good news—your business loan from the City of Eau Claire is approved! Congratulations! That’s a major milestone for your business, and you should be proud. But what happens next? If you’re curious about what to expect after receiving your loan and how the City will continue supporting you, you’re in the right spot.
Here’s a quick overview of what usually happens after your loan is finalized plus some handy tips on making the most of the support available.
1. Loan Closing & Paperwork
Once your loan is approved, the next step is the loan closing, the official “handshake” moment with the City of Eau Claire Finance Department where everything becomes real. You’ll receive an email and/or phone call from City of Eau Claire staff outlining how to review and sign all the necessary documents. It might sound a bit formal or overwhelming, but it’s an important step to make sure everyone’s on the same page.
In this communication, they’ll go over key details like:
- Repayment Schedule: How much you’ll pay back, when payments are due, and for how long.
- Interest Rate: The rate you’re being charged and how it affects your monthly payments.
- Loan Conditions: Any special terms tied to your loan, like maintaining certain business goals or providing progress updates.
The City’s Finance Department knows paperwork can feel like a maze, so they’re there to guide you through every step. If you have questions, don’t hesitate to ask. It’s better to be clear upfront than uncertain later.
They’ll also explain what’s expected from you going forward and how to stay in good standing with your loan and what options may be available to you if you run into hardships. Plus, you’ll likely discuss next steps and timelines so you know what to expect as you start using your funds.
Think of this discussion as your chance to build a strong foundation for your loan relationship. It’s not just signing papers; it’s about making sure you feel confident and supported as you take your next big steps.
2. Putting Your Loan to Work
After signing the paperwork and closing the loan, it’s time for the exciting part—receiving your funds and putting them to work. This is where your plans start turning into action, and every dollar counts toward growing your business. Whether you’re buying new equipment, updating your space, hiring staff, or boosting marketing efforts, this money is the fuel to bring those goals to life.
One key thing to remember is to track your spending carefully. Keep receipts, invoices, contracts, or any paperwork related to how you’re using the loan funds. This isn’t just good practice for your own records; it’s essential because the City may ask for updates on how you’re using the money.
Having clear, organized documentation will save you time and headaches later on. Plus, it shows you’re responsible with the funds and committed to your business’s success. If you’re ever unsure whether an expense fits the loan’s guidelines, reach out to your City contact. They’re there to help and can guide you to stay on track.
Bottom Line: This phase is all about turning your ideas into action, and the better you manage your loan funds, the smoother your path to growth.
3. Regular Check-Ins & Support
What really sets the City of Eau Claire loan apart is that you’re not left on your own once the funds are disbursed. The City’s Economic Development Division (That’s us!) sees these loans as a partnership and wants to see them help your business succeed. We don’t just hand over money and disappear.
That means you can expect check-ins every so often from City staff to see how things are going. These might be scheduled calls, in-person visits, or casual emails. Our goal is to stay connected, celebrate your wins, be a resource if challenges pop up, and recommend more options as your business grows. Having someone check in can be motivating and gives you a built-in support system. Whether you’re facing hurdles, planning your next move, or need advice, the City’s team is ready to help.
And don’t hesitate to reach out proactively. If cash flow, staffing, or supply chain issues arise, let your City contact know. We may be able to connect you with resources, local partners, or solutions based on experience with other businesses.
In short, a City loan means you’ve got a team in your corner cheering you on. That ongoing relationship can be just as valuable as the loan itself.
4. Reporting & Accountability
Depending on the program, part of your loan agreement may involve periodic reporting. This means you may be asked to check in with the City every so often to update us on your business’s progress and loan repayment. It’s not about being monitored; it’s about transparency and showing how the City’s investment is helping the community.
Think of these reports as a business snapshot—a moment to pause, reflect, and share what’s going well or not. Maybe you’ve hired new employees, hit sales goals, or finished a big project thanks to the loan. Those are wins worth celebrating! Sharing them helps the City see the impact of their support and can motivate you by highlighting your progress.
And of course, not everything always goes as planned. That’s okay too! If you’re facing challenges, these check-ins are a safe space to be honest and give City staff an opportunity to offer advice, connect you with resources, or help brainstorm solutions. It’s always better to ask for help early than to struggle alone.
These reports usually aren’t complicated, but staying organized makes them easier to complete. Plus, maintaining open communication builds a strong relationship with the City, which can open doors to future opportunities. That’s why reporting isn’t just paperwork; it’s part of a partnership focused on helping your business thrive.
5. Opportunities for Future Growth
Getting a business loan from the City of Eau Claire isn’t just about the money… It’s about joining a thriving business network that wants to see your business grow long term. Once you’re connected with the City’s Economic Development Division, you gain access to additional resources beyond the loan itself.
We’ll let you know about programs tailored to local businesses—workshops on marketing, financial management, or hiring best practices. These sessions can be invaluable if you’re trying something new or sharpening your skills. We can also connect you to networking events where you can meet other entrepreneurs, potential partners, or customers. Building relationships within the Eau Claire business community can spark collaborations, referrals, and fresh ideas.
Thinking about expanding or launching new products? We can even help you access additional funding sources, business advisors, or community resources. We want your business not just to survive, but to thrive because your success benefits both you and the whole community.
In short, receiving a City loan often marks the start of a lasting relationship. You’ll be plugged into resources and opportunities to help take your business to the next level. So, keep an eye out for announcements and ask your City contact about programs or events that might be right for you.
6. Repayment & Building Credit
Repaying your City of Eau Claire business loan on time is a big deal—not just because it’s part of your agreement, but because it can have a positive impact on your business’s future.
Consistently making payments builds a strong credit history for your business. This track record shows banks, investors, and lenders that you’re a trustworthy borrower. That credibility can open doors when you need more financing, whether for new equipment, expanding your team, or launching new products.
Plus, timely repayment helps keep the City’s loan program alive. The money you repay gets recycled back into each program to support other entrepreneurs right here in Eau Claire. In that way, you’re investing not just in your business, but in the whole local business community.
If you ever face challenges with repayments, don’t wait until things get tough to reach out. City staff and the Loan Administration Board (LAB) understand that unexpected challenges happen, and we’re willing to work with you, whether that means adjusting payment schedules or connecting you with resources to get back on track.
Bottom Line: Keeping up with your loan payments helps build your business’s financial foundation and supports Eau Claire’s entrepreneurial community. It’s a win-win all around.
Final Thoughts
Receiving a City of Eau Claire business loan is more than just a financial boost. It’s the start of a partnership. The City’s Economic Development Division and Finance Department want to see your business thrive and are ready to support you every step of the way. From closing paperwork to ongoing advice and resources, you’re never alone in this journey. If you ever have questions after receiving your loan, don’t hesitate to contact us. The right help can make all the difference.
Ready to take that next step? Explore City loan programs today, and let’s keep growing Eau Claire’s business community together!
Source: Article Cover Illustration by Freepik
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.
