In our previous articles about the Washington County Revolving Loan fund (RLF), we have mentioned that EDWC acts as the administering agent for the RLF. Let’s break down exactly what that means. Our relationship with area businesses begins as an information resource. We field inquiries about the RLF and work with businesses to understand whether their project qualifies for RLF financing (RELATED ARTICLE: Six Ways Your Business Can Use RLF Financing). If the answer is yes, the business then submits a loan request. EDWC provides the application, as well as direction on information the business needs to provide.
EDWC Guides Businesses Through the RLF Application Process
As part of this process, EDWC:
- Confidentially gathers information (e.g., facts about the business, personal and business financial information) from the business and others to vet the loan request.
Note: As agent for the county, EDWC is able to firewall all confidential conversations, emails and documents that are sent to us. Nothing that is shared to help put a loan package together or after is ever given to Washington County or part of their open records request rules.
- Presents viable requests to our independent Loan Committee.
- Upon approval, prepares the necessary documentation to close the loan and perfect liens on the collateral.
- Requests funding for the loan from Washington County.
Note: This is the point when the county gets information about the loan. The only information shared is the name of the business, loan amount, loan terms, bank information for ACH payments
- Coordinates the loan closing with all the appropriate parties, securing the necessary signatures, and finalizing the loan agreement.
Ongoing Support for RLF Clients
EDWC’s relationship with the borrower doesn’t end at the time of closing of the loan. We continue servicing the loan for the life of the loan agreement. For the Washington County RLF, there are certain requirements the borrower must adhere to for the life of the loan. These are specified in the loan agreement and are tailored to the specific needs and circumstances of the loan and borrower.
- EDWC sends out reminders on either a quarterly or monthly basis detailing the documents required to be sent for servicing such as financials, certificate of insurance, tax returns, UCT-101 (Quarterly Unemployment Insurance Tax Report filed with the state of WI).
- EDWC conducts periodic site visits to see how things are going and confirm how the dollars from the loan have been put to use. We also like to inquire about projects the borrower has underway, what their hiring/personnel situation is and if there are other ways we can assist.
We consider ourselves partners with our RLF clients. In addition to the above, we are a resource throughout the life the loan and beyond. Borrowers can reach out to our team of experts with questions and tap into the other services we provide, such as workforce and demographic analytics, site selection and consulting services.
You can learn more about how EDWC connects businesses to loans and incentives here:
