Consider Castlewood!
The Castlewood Economic & Community Development Board has been vital to bringing businesses, infrastructure and recreation to the city of Castlewood. The industrial park offers ready to build sites with financing available from the corporation and other sources. Located only minutes from I-29 and close proximity to Watertown, Castlewood offers the ideal atmosphere for your business. Contact the Castlewood Community & Economic Development Director for more information.
A grant of $5,000 is available for individuals starting a new brick & mortar business in Castlewood. The grant will be awarded upon opening of the business which includes hook-up to city utilities. There is a limit of $5,000 to be reimbursed to any one applicant by the City of Castlewood. A change of ownership and continuing the same type of business could be awarded a $2,500 grant. The grant application requires approval by the City Council.
Another option is a low-interest business loan with the City of Castlewood. This assistance may not be used as the recipient’s primary source of financing. This assistance may not be used as the recipient’s primary source of financing.
A new business applying for assistance may only be awarded a grant or a loan, not both forms of assistance.
Priority for participation shall be for projects that create jobs and/or substantial capital investment. Other projects will be looked at on a case-by-case basis. Funds may be used for any reasonable development costs that are deemed necessary to the project and are designed to be used in conjunction with other state & local funding.
Projects considered by the City of Castlewood may not exceed 30% of total project costs and shall require a minimum of 10% borrower equity. As a “revolving” loan fund, all projects will carry a 1–3-year balloon with a 10-year amortization. No one project will exceed 30% of available funds.
Interest rates will be fixed and may range from a minimum of 4% to a maximum of current New York Prime. Interest rates shall be structured to provide an incentive for shorter payback periods.
Prior to final approval, all loan applicants will be required to submit a business plan, financial history, projections, disclosure statements and other pertinent documentation as requested by the Castlewood Economic & Community Development Board.
An application for the loan should be submitted to the Castlewood Economic & Community Development Board for review prior to submission to the City Council. The goal of the Castlewood Economic & Community Development Board is to benefit and promote the community of Castlewood.
Is Your Business Expanding or Relocating??
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Industrial Development funds available.
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Outside Funds available.
· East River
· ITC -
Location!
· Only 8 miles off of Interstate 29
· 35 minutes from Brookings
· Watertown only 15 minutes away
· Located on Hwy 22 -
Ample work force available!
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Over 5 acres available for new businesses / buildings with utilities.
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Immediate community needs:
· Family Restaurant
· Plumbing & Heating
· Electrician
· Daycare
· Rental Housing
The goal of the Castlewood Economic Development Board is to benefit and promote the community of Castlewood.
Castlewood Economic Development Loan Application
Castlewood Economic Development Business Grant Application • CED Loan & Grant description
Grants for historical preservation projects in the business district are available through the Gaylord Hoftiezer estate. For more information visit the Castlewood Historical Society page.
Contact either of these board members to get your business in Castlewood or email cwdevelopment@hotmail.com.
Ruth Fodness: 520-4035
Chelly Lewandowski: 880-0290