Reinvestment Loans

The ERRP, in partnership with the First National Bank of Eagle River, M&I Bank, Associated Bank, River Valley State Bank and the Nicolet Credit Union, has created the Reinvestment Loan Program.

Because of their commitment to the revitalization of Eagle River, these financial institutions have made $500,000 available to historically preserve buildings and restore exterior facades. The Reinvestment Loan Program, along with state and federal tax incentives, encourages such renovations.

The purpose of this program is to create a positive visual impact for Eagle River and a healthier business environment. A visually appealing community can go a long way in attracting people to the individual shops and businesses that are located here.

The Reinvestment Loan Program will help foster a more attractive climate for investment in our community and invite new merchants, services and professionals into the area.

Eligible Projects
All projects must involve improvements directly affecting the exterior building facade. Funds may be used for, but are not limited to, the following:

• Complete building cleaning
• Tuckpointing/masonry
• Repainting building
• Replacement of windows/doors
• Remove cladding
• Signs
• Awnings

The Eagle River Revitalization Program's Design Review Committee must approve all projects for exterior designs. Design guidelines are available to assist businesses with their renovation and rehabilitation projects.

Ineligible Projects
The Reinvestment Loan Program does not provide assistance for refinancing, non-fixed improvements, purchase of property, inventory, equipment, equity, or periodic maintenance.

Low Interest Loans
Loans ranging from $5,000 to $25,000 will be available to qualified applicants as funding allows. The loan interest rate will be Prime minus two percent, with a minimum effective rate of two percent. The maximum term of the loan is seven years, during which time the interest rate will vary, depending on changes in the Prime Rate, at the discretion of the lending institution.

Eligible Applicants
Property owners within the city limits of Eagle River are eligible to participate in the Reinvestment Loan Program.

To Apply
Assistance and further information can be obtained from the ERRP Executive Director, Rita Fritz at 715.477.0645, or via email.

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Design Assistance

The Eagle River Revitalization Program can provide free professional design assistance. This includes recommendations on appropriate facade renovations including paint, color, signs, windows, awnings, masonry and drawings of proposed work.

Other services include recommendations based on budget considerations and building's historical qualities as well as guidance on how to proceed with the project. One-on-one consultation with a Design Specialist is also available. Contact the ERRP at 715.477.0645 for assistance or for additional information.

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Small Business Counseling

Free, confidential, one-on-one counseling is available from the Wisconsin Main Street Program. It is available to prospective and existing business owners and covers all aspects of owning or operating a business--from start-up questions to long range planning.

The service is available to businesses that are operating successfully as well as those having difficulty. In fact, the best, most progressive businesses are always looking one or more steps ahead. Just one good idea for a new product or service, one market assessment to help you make a better informed decision, or one new technique for managing your business could make the difference in becoming more profitable.

Why not take a fresh look at your business by utilizing this confidential outside assistance? It is available at no charge and could give your business the boost you are looking for.

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Market Analysis

A detailed Market Analysis for the Eagle River community was completed by the ERRP Economic Restructuring Committee. The Market Analysis includes:

• Current information on economic and demographic trends;
• An inventory of the businesses in the community;
• Customer lifestyle characteristics;
• Trade area mapping;
• Customer attitude and preference surveys; and
• Extensive analysis of business opportunities for a variety of retail stores and restaurants.

The purpose of the Market Analysis is to develop a market strategy that will result in an improved retail mix, a stronger tax base, increased investor confidence and a stable role for the businesses as major components of the Eagle River economy.

Any business looking for expanded market opportunities, or any new business interested in locating in the area, should take advantage of the information included in the Market Analysis. Executive Summaries and full copies of the Market Analysis are available on CD or in hard copy.

Please contact the ERRP office for more information.

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