DeForest approves first application for Revolving Loan Program

The DeForest Community Development Authority (CDA) has announced the approval of its first loan through the recently launched Redevelopment Revolving Loan Program.

The approved loan, directed to Town Square Commercial LLC, owner of the Town Square Development in the heart of Downtown DeForest, will be utilized to install new monument signs on the property, showcasing the diverse array of businesses within the development.

This landmark initiative is a collaborative effort between the Community Development Authority, Settlers best Credit Union, and Heartland Credit Union. The Redevelopment Revolving Loan Program aims to foster local economic development by providing low-interest rate loans coupled with a generous 10% grant for eligible projects.

“Heartland Credit Union is excited to be part of this first CDA loan,” said Leah McDonald, Senior Business Lender. “We look forward to the future benefits of the program to Downtown DeForest.”

Thomas Spitz, Executive Strategist at Settlers best, echoed these sentiments.

“Settlers best Credit Union applauds the CDA for making this program available and we are happy to support the community’s growth,” Spitz said.

CDA Chairperson and Village President Jane Cahill Wolfram called the loan program a "testament to the power of collaboration between the public and private sectors.”

“This innovative partnership between the CDA, Settlers best Credit Union, and Heartland Credit Union demonstrates our shared commitment to the economic well-being of DeForest. The approval of this loan is just the beginning of the positive impact we hope to achieve through the program,” Cahill Wolfgram said.

The loan to Town Square Commercial LLC exemplifies the program's commitment to supporting local businesses and enhancing the visual identity of the community. The installation of new monument signs is anticipated to have a positive impact on the businesses located within the Town Square Development, providing increased visibility, and contributing to the overall vibrancy of Downtown DeForest.

“Receiving this loan and grant is a tremendous boost for our project,” said Thomas Keller on behalf of Town Square Commercial. “The installation of new monument signs will contribute to the growth and visibility of all businesses within the Town Square Development. We are grateful for the support of the CDA and its partners in making this project a reality.”

The Community Development Authority looks forward to the continued success of the Redevelopment Revolving Loan Program and the impact it will have on local businesses and the overall economic vitality of the Village of DeForest.

More loan and grant funds are available for projects that meet eligibility requirements. For further information, contact CDA Executive Director, Alex Allon, at allona@vi.deforest.wi.us or (608) 609-2070.