Feature Article from The Whitewater Press - Summer/ Fall 2010 www.thewhitewaterpress.com
By Mary Nimm: City of Whitewater CDA Coordinator
Meeting the Community’s Needs for Quality of Life and Economic Development
The Whitewater Community Development Authority (CDA), since 1983, has worked hard with the city to provide leadership in business recruitment, workforce development and downtown revitalization efforts. The CDA and the City provide outstanding opportunities for business retention, expansion and entrepreneurial startups. The Whitewater CDA has helped to attract new jobs and new investments to the City.
The Whitewater CDA promotes business development, retention and expansion. Located within an hour of Milwaukee, Madison and the Chicago suburbs, Whitewater, the Center of Opportunity offers an educated and skilled work force, highway transportation, utility services, cutting-edge telecommunications and responsive local government resources.
The CDA can help your business realize your place in the The Center of Opportunity in the following ways:
• Facilitation: The CDA can help you quickly negotiate the various steps necessary to carry out a project in Whitewater. This includes the planning process, financial packaging, securing necessary public infrastructure, or other business needs.
• Location: The CDA has knowledge of the best locations available, whether buildings or sites. With knowledge of city plans and impending development, the CDA can help steer businesses to the best sites. As developer of the Whitewater Business Park, the CDA controls over 200 acres of office and industrial land available for development.
• Financial Assistance: The CDA works closely with banks to help secure financing for businesses. The CDA has access to several state programs that provide low-cost business loans, and we have our own loan programs for industrial, commercial and small businesses, as well as loans to improve the facades of commercial buildings.
The Economic Development Loan Program has three components. Industrial Development Loans are made to larger projects, and are primarily targeted to manufacturing businesses. Commercial Enterprise Loans are made to larger retail and service businesses. Both of these loans have a 4.0% rate, and can be used primarily for asset expenses, such as land or building acquisition, building construction, or purchases of machinery.
The CDA also has a loan program for small and start-up businesses. The Micro-Loan Program has a maximum loan amount of $15,000, and may be used for a greater number of purposes. Businesses should contact the CDA to determine if these or another program may be suited to their project.
Owners of commercial buildings may be eligible for a Facade Loan of up to $15,000 to make improvements to the exterior of their buildings. This program is primarily targeted to the downtown district, although any building may be eligible.
For further information about Economic Development programs and opportunities for you in Whitewater contact:
Mary Nimm, Coordinator - Whitewater Community Development Authority
PO Box 178, Whitewater, WI 53190