Historic Grocery Store Gets a Visit from WHEDA® Leader

Historic Grocery Store Gets a Visit from WHEDA Leader

WHEDA loan guarantee helps the Pioneer Store to reopen and expand operations

Sturgeon Bay – Wisconsin Housing and Economic Development Authority (WHEDA®) Executive Director Antonio Riley stopped by the Pioneer Store in Ellison Bay this morning to visit with owner Carol Newman during his two-day trip to Door County.

Last year, WHEDA approved the century-old grocery store for a Small Business Guarantee (SBG) on a loan from Associated Bank. Newman is using the WHEDA SBG to rebuild and expand her store that was destroyed by a propane explosion in July 2006.

"Rebuilding the grocery store was a huge step forward for Carol and the people of Ellison Bay," said WHEDA Executive Director Antonio Riley. "The history of this community shows through in its small businesses like Pioneer Store. WHEDA is very proud to have played a role in this project through our financing programs."

Construction of the store is scheduled to be completed by the end of July, at which time the guarantee will be in place. Carlson Contracting was the chosen developer to recreate the historic grocery store, which reopened last summer. The Pioneer Store is located at 12023 State Highway 42.

During Riley’s trip to Door County, he attended a variety of housing and business-related functions.

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.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. Since 2003, including this project, WHEDA has financed or allocated tax credits for 728 units of affordable housing in downtown Milwaukee, totaling more than $80 million. For more information on WHEDA's housing programs, call 1-800-334-6873 or browse this web site.