January 24, 2014 at 2:36 p.m.
Associated Bank provides additional support for FCEDP Revolving Loan Fund Initiative
Associated Bank provides additional support for FCEDP Revolving Loan Fund Initiative
"Associated Bank has a long history of supporting the financial and social health of the businesses and citizens in Forest County," said Beverly Collins, Associated Bank manager, Crandon. "This contribution is another step toward strengthening those efforts. We are very excited about the business expansions that have already taken place in our region and hope this contribution will fuel additional success in the future."
Associated provides financial support through charitable donations to non-profit organizations throughout its footprint which help create and sustain healthy communities. Associated prioritizes charitable giving with a strategic focus on economic development, health and human services, education, environment and arts & culture.
"The loan fund is available right now," said FCEDP executive director Jim Schuessler. "We have seen the tremendous impact that local loan funds have made in neighboring counties and look forward to developing the local structure to work with local lenders and help opportunities advance."
This contribution brings the total to $85,000 for the Fund that was generously supported by CoVantage Credit Union, Laona State Bank, Forest County Potawatomi Foundation, and Associated Bank. "It is inspiring to see the level of support received by these stakeholders in this fund, added FCEDP Board President RT Krueger. "This micro-loan fund, combined with the impact of the Central Wisconsin Economic Development (CWED) fund we signed with last year provides literally millions of dollars in potential capital investment for new business development as well as business retention and expansion."
Prior to the introduction of these funds, Forest County had no economic development funding mechanisms, which placed Forest County business development at a distinct disadvantage to neighboring counties. All adjacent counties have economic development funds, in some cases for decades.
FCEDP is a local economic development organization formed with the combined support of the Forest County Potawatomi Foundation, City of Crandon, Forest County Potawatomi Community, Sokaogon Chippewa Community, Forest County Government, Wabeno Chamber of Commerce, Forest County Chamber of Commerce and the Forest County Tourism Commission.
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