The Middleton Area Development Corporation (MADC) is collaborating with the City of Middleton to provide a new loan fund known as the Middleton Economic Relief Loan (MERL) program. The intent of this program is to assist businesses located in the City of Middleton who have been adversely impacted by the COVID virus. The concept will be to provide financial assistance in the form of low interest loans with flexible repayment terms. Since MADC is a private loan fund they will administer the MERL Program on a confidential basis.
MERL applicants can request loans from $5,000 to a maximum of $25,000. The interest rate is 1.00%. Interest does not apply until January 1, 2022 at which time principal and interest payments will be required monthly. Loan payments are required to be made via automatic payments. The amortization period of each loan is flexible but will not exceed 36 months. MERL loans require the personal guarantee of the owner(s) or another suitable guarantor.
Each loan applicant shall be charged $100.00 payable at the time of closing.
The fund may remain in existence beyond the end of the year, or as committed funds to the program are available, which ever comes first.
The following information will be necessary to be evaluated for a MERL Program loan.
1) Complete the MERL Application Form, signed and dated by business ownership/management.
2) Legal Business Entity Information:
This includes Tax Identification Number (TIN) or FEIN #, or other documentation to prove a legal business.
3) Financial Information Required:
2018 & 2019 Business Tax Return (or equivalent fiscal year).
Current YTD Financial Statement of current operations.
Step by Step procedure to ensure your MERL Program application can be reviewed on an efficient and timely basis.
Step 1 - Complete the MERL Application Form.
Click the link to open the MERL Application Form. Download to your computer, open and complete using Adobe Acrobat. The form can then be saved and printed directly from your computer. Alternatively, you print the uncompleted form and fill out by hand if preferred.
Step 2 - Assemble all required information for submission.
Gather, and label all required information from the list above together to create your loan packet. It is advisable to keep a copy of all information for your records as well.
Step 3 - Contact MADC to arrange pickup, or to deliver, your application packet. You can use either method to reach MADC.
Phone: (608) 798-5211
(Please use the same contact information above if you have any questions regarding the application form, loan process evaluation, or required information.)
Step 4 - MADC Review and Loan Notification.
Once your completed loan packet is received by MADC, it will be reviewed and an MADC representative will get back with you within two weeks to get any additional information if necessary, or to set up your loan closing date.
The MERL program has been established in a collaborative effort between the City of Middleton and MADC. All MERL associated loan applications will be handled exclusively by MADC. All provided information and communications will held in strict confidentiality between the submitting party and MADC and will not be shared with any City of Middleton employee or elected official.
MADC is a private loan fund administered by a local board comprised of members with a variety of backgrounds including bankers, business owners, and private investors. We work in conjunction with the City of Middleton and the Middleton Chamber of Commerce on prospective projects that promote and build our growing Middleton economy. Legally, MADC is a 501(c)(4) Not For Profit non-stock corporation, and retains its own legal and accounting professionals. Prospective applicants deal exclusively with MADC on a confidential basis.