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Home My WebLink About_Greater Oshkosh Economic Development Corporation- Mid Year Update G R E A T E R O S H K , ,S H CORPOR ATIO NT July 18, 2018 Mayor Steve Cummings City of Oshkosh 215 Church Avenue P.O.Box 1130 Oshkosh,WI 54903-1130 RE: Revolving Loan Fund—Quarterly Summary—Q2 2018 Dear Mayor Cummings: The Greater Oshkosh Economic Development Corporation appreciates the opportunity to administer the Greater Oshkosh Revolving Loan Fund(RLF). The Greater Oshkosh EDC Board of Directors and Revolving Loan Fund Committee believe that this program provides, and will continue to provide,necessary growth capital for area small businesses. Greater Oshkosh EDC promised to offer quarterly updates to the council on RLF activity and this letter serves as that update. A total of three loans have been administered by the Greater Oshkosh RLF program to date.Thus far,one loan was repaid in full in April 2017 and all loan payments are current and loan reporting is being monitored for the outstanding loan.There are two approved RLF loans which will be closed on in July/August 2o18. The Greater Oshkosh Capital Catalyst Fund completed its first round successfully and was awarded a second round of funding from the Wisconsin Economic Development Corporation.This second award's 1:1 match will be funded by reallocating$70,000 from the Revolving Loan Fund and$55,000 from the remaining Chamco,Inc.assets.As a reminder,the fund has a minimum loan of$1o,000; maximum loan of$1oo,000; and grant eligibility of$1o,000 per entity.We expect the fund to be operational again and reviewing applications within the next couple of months. Please find attached a report we have provided with further detailed information on both funds. Please contact us anytime at(920) 230-3322 if you have questions or to provide more information. Sincerely, A Jason E.White, CEO Greater Oshkosh Economic Development Corporation cc: Lori Palmeri, Deputy Mayor Thomas Pech, Council Member Debra Allison-Aasby, Council Member Steve Herman,Council Member Matt Mugerauer,Council Member Jake Krause,Council Member Mark Rohloff,City Manager Allen Davis, Community Development Director GR EATER ECONOMIC ; � EN S H OCORPORAT'10 NT OS H K , REPORT: Greater Oshkosh Revolving Loan Fund & Capital Catalyst Fund Q2 2018 FUNDS DISTRIBUTED: Greater Oshkosh Revolving Loan Fund: Company Amount Loaned Amount As of Outstanding Offbeat Press $75,000 $46,780 7/1/2018 5G Benefits $30,000 Fullv Repaid Aril 2017 Fire Escape $25,000 $24,623 7/1/2018 TOTAL $130,000 Greater Oshkosh Capital Catalyst Fund: Company Award Type of Award Industry RG Manufacturing $90,000 Loan Advanced Manufacturing ActiveEDU $10,000 Grant IT Bee Bella $65,000 Grant Loan Manufacturing/Agriculture Roberts Defense $10,000 Grant Advanced Manufacturing Upright Kids $10,000 Grant Advanced Manufacturing ICARUS Devices $10,000 Grant Aviation/Aerospace Fifth Ward Brewery $55,000 Loan Manufacturing/Agriculture TOTAL $250,000 *WEDcrequires$42,000 be Fund Remaining: $o distributed as grant awards FUND OVERVIEWS: Revolving Loan Fund: The Revolving Loan Fund has been making a great impact in assisting businesses in the greater Oshkosh area. In Q2 2018,the Revolving Loan Fund has awarded two loans, reviewed four applications, and provided the match for the second award of the Capital Catalyst Fund. Two additional loans were approved in June/July 2018 totaling $200,000. These will be closed on in July/August 2018. GR EATER ECONOMIC OSHK - SHOCORPORAT'IONT Capital Catalyst Fund: A second Capital Catalyst award of$125,000 was approved by the Wisconsin Economic Development Corporation (WEDC) in June 2018.The contract with WEDC has been signed and we will have the fund back up and running with the matching funds and state funds in place within the next couple of months. The first fund of$250,000 of the Capital Catalyst Fund was committed by February 1, 2018 (our contract end date with WEDC).The match for the$125,000 came from the Revolving Loan Fund ($70,000) and the remaining assets of Chamco, Inc. ($55,000). This fund has been a tremendous asset for supporting businesses launching in our community, and for demonstrating the strength of entrepreneurial support in Oshkosh. Greater Oshkosh EDC has appreciated the partnership of organizations such as the UW Oshkosh Small Business Development Center,the Alta Resources Center for Entrepreneurship and Innovation,the UW Oshkosh Business Success Center, Rise&Grind—A Community Space, gener8tor,gBeta, and the City of Oshkosh. There are multiple businesses awaiting the fund to be back up and running and are already working on their applications. AWARENESS Greater Oshkosh staff and RLF Committee continue to promote the Revolving Loan Fund and Capital Catalyst Fund to our businesses,lenders, accountants, and other entities who assist businesses on a day-to-day basis. While word-of-mouth referrals from partners and testimonials from successful borrowers represents the best form of marketing. Greater Oshkosh is also working on developing consistent press releases to promote the loans and grants distributed through both funds. Thank you to the Oshkosh Common Council members, City of Oshkosh staff, and the Greater Oshkosh EDC board of directors,for supporting Greater Oshkosh EDC efforts in the administration of these funds and for providing resources. Please encourage potential borrowers with whom you interact to contact our staff for assistance.