The Door County Community Foundation, Inc. announced that it has made an additional $250,000 of business capital available to local entrepreneurs through an expansion of its COIN Micro-Loan Program. COIN, the Community Opportunity Investment Network, was created by the Community Foundation to stimulate economic activity which leads to the creation of new jobs.
“While we will always award grants to human service programs, the best anti-poverty program is a year-round, good paying job with benefits,” said Bret Bicoy, president & CEO of the Community Foundation. “COIN was created to invest in local entrepreneurs who are building the businesses that will eventually employ people in Door County.”
COIN loans are available to people with great business ideas and strong character at interest rates that are far below what would normally be available for a business with such limited history. COIN loans make it affordable for promising entrepreneurs to start or expand their business in Door County.
“We’re not here to give someone an easy path to riches,” said Dave Eliot of the Community Foundation’s Board and a member of the COIN Loan Committee. “We want people who say I’m willing to take a risk. I’m willing to work hard. We want the entrepreneur who says if you’re willing to give me access to a small amount of capital to get me over that hump, I’m going to be successful.”
Nicolet National Bank is an integral partner in this program and will originate and service all COIN loans for the current $250,000 expansion. “We are excited to be working with Nicolet as they continue the long tradition of their forerunners of building successful businesses in Door County,” said Bicoy.
Entrepreneurs interested in learning more or applying for a loan should contact DCEDC at 920.743.3133 or visit InvestDoorCounty.org.