Governor Announces Loan Guarantee for Beloit Business

Madison - Gov. Jim Doyle announced today that Denali's Food and Spirits of Beloit has received a Small Business Guarantee (SBG) from the Wisconsin Housing and Economic Development Authority (WHEDA®). The loan guarantee will help the business retain five jobs and create three new jobs.

"Small businesses are the backbone of our state's economy and create the most new jobs," Gov. Doyle said. "We are determined to help small communities grow by encouraging small business retention and expansion."

Denali's Food and Spirits, is a restaurant located at 443 East Grand Avenue. According to WHEDA Executive Director Antonio Riley, the business will use the loan for working capital and to make improvements to the restaurant.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. The local lender assisting Denali's Food and Spirits is Don Banks of Blackhawk State Bank.

SBG helps Wisconsin businesses by providing a guarantee on bank loans up to $750,000 ($250,000 for working capital). Without the guarantee, banks might not be willing to make the loans on the same terms.

Borrowers can use the loan guarantee to expand or acquire a small business located in Wisconsin, for revolving lines of credit or permanent working capital, for expenses including land, buildings, equipment and inventory, and in some cases, to refinance debt. It can also be used to start up a day care business or to start up a business involving a vacant storefront located in the downtown of most rural communities. The project must also create or retain jobs.

For more information on WHEDA's small business programs call 1-800-334-6873, or browse this web site.