WHEDA Announces Loan Guarantees for Local Yarn and Fabric Store

WHEDA® Announces Loan Guarantees for Local Yarn and Fabric Store

Northwoods Dyeworks uses WHEDA loan guarantees to move to new downtown location

Ashland - Northwoods Dyeworks, LLC, an Ashland-based business that produces several lines of top-quality yarns and fabrics for both wholesale and retail, is the recipient of three Small Business Loan Guarantees (SBG) from the Wisconsin Housing and Economic Development Authority (WHEDA®).

Owned and managed by Elizabeth Sutton, Northwoods Dyeworks is receiving assistance from WHEDA guarantees on term and working capital loans provided John Beirl at Northern State Bank in Ashland.

"Wisconsin communities have been built on the strong foundations created by our small businesses," said WHEDA Executive Director Antonio Riley. "WHEDA is proud to aid small businesses like Northwoods Dyeworks with financing programs in order to expand their operations. We look forward to watching this business grow in the years to come."

The loan guarantees allow Sutton to purchase real estate and inventory at the store’s new location at 417 B Main Street West. The guarantees also help to refinance existing debt and fund a line of credit for the store. The store’s new location is also three blocks closer to the downtown area.

WHEDA SBGs help Wisconsin businesses by providing a maximum guarantee of $200,000 on bank loans. 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. The project must also create and retain jobs. Northwoods Dyeworks will retain two jobs during the move to their new location.

Northwoods Dyeworks supplies both beginners and professionals who work with yarn, needle felting, silk painting, and tie-dye. Focusing on natural fibers, they provide a local source for organic and eco-friendly fibers and dyes. For more information on Northwoods Dyeworks, visit their web site www.northerndyes.com.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. For more information on WHEDA's housing programs, call 1-800-334-6873 or browse this web site.