City of Wauwatosa CDBG-CV Forgivable Loan Program
NOTE: THIS APPLICATION PERIOD IS NOW CLOSED. For additional information about WWBIC’s business financing services, please click here.
The City of Wauwatosa CDBG-CV Forgivable Loan Program is focused on existing businesses located in the City of Wauwatosa looking for business financing during COVID-19. Loans are forgivable provided job creation/retention requirement is met.
Additional Information:
- Maximum of $15,000
- Small business (non-restaurant/bar) with 1-5 FTE employees – up to $5000
- Small business (non-restaurant/bar) with 6 – 35 FT employees – up to $10,000
- Restaurant/bar with 35 or fewer FTE employees – up to $15,000
- Deferred, forgivable loan (no interest, no payments)
- The loan is forgiven, as long as the job creation or job retention requirement is met at the 12 month anniversary from the closing date and loan funds being disbursed. And if business is still operational.
- If not met at 12 months, loan repayment term will be 5%
- for 48 months for $15,000 loan
- for 36 months for $10,000 loan and
- for 24 months for $5,000 loan
- Funds must be used for working capital for business purposes only, no improvements would be allowed and no use of funds for personal use will be allowed.
Required Documentation:
- Executive Summary for the forgivable loan and detailed use of funds for your business
- Client Information Form
- Business Information Form
- Duplication of Benefits Form. This form must be notarized. If you do not have access to a notary, you may have a witness sign.
- EIN
- Business Debt Schedule
- Business Tax Returns for 2018 and 2019 – two separate PDFs
- Business Tax Return OR Profit & Loss Statement for 2020
- SBA Form 413 – Personal Financial Statement for all owners of the business
- A copy of your driver’s license
- DUNS number
THIS APPLICATION PERIOD IS NOW CLOSED. For additional information about WWBIC’s business financing services, please click here.
