Boards speeds up start of short-term loan program
MADISON, Wis. (AP) -- The start of a new short-term loan program that wasn't slated to begin until July has been moved up in an effort to help businesses hurt by recent cutbacks at Oshkosh Corp.
The Wisconsin Economic Development Corporation, the state's chief jobs agency, voted this week to start the pilot program earlier. It will provide loans or loan guarantees of up to $250,000 to companies for projects or expenses that may not be eligible for traditional financing.
The board says it was starting the program earlier in light of news that Oshkosh was cutting 760 jobs from its defense division because of budget cuts being made by the U.S. Department of Defense.
The loan program this year will only target businesses in Oshkosh Corp.'s supply chain.