Bank Five Nine committed $200,000 to establish a loan pool to encourage business development and revitalization in Tax Incremental Districts No. 6 and No. 9 in the Village of Menomonee Falls. The loan proceeds are utilized to fund a wide variety of commercial and mixed-use projects ranging from assisting new businesses locating in these Districts with startup costs, to helping existing businesses with renovations or expansion plans. The loans will carry below market rates and favorable terms.
The Menomonee Falls Business Development Loan Pool (BDLP) is a pool of money made available by Bank Five Nine for the purpose of making loans to achieve economic benefits.
Economic benefits are defined as: • Business development, including the start-up or expansion; • Business and job retention; • Redevelopment of blighted land and vacant facilities for a mixed-use residential, commercial, or business purpose; • Modernization and rehabilitation of existing mixed-use residential or commercial properties; • Support for the use of new technologies, growth industries and/or high-tech firms.
In general, lending policies and financing techniques will include, but are not limited to: • Providing below market interest rates; • Providing longer term loans than are traditionally available for a particular type of financing; • Reducing the risk for non-participating commercial lenders by providing subordinate financing.