EDC Issues

A Small Business Development Loan Fund could be a joint project between the City of Lake Mills and the City’s community banks and/or other organizations. With donations from these sources, a fund could be developed that would grant loans or grants to small businesses for capital purchases and other qualifying start up costs. The fund would assist small businesses in making investments in the City and help them get their small businesses started, providing one additional resource for entrepreneurs who are seeking to begin or upgrade a small business in the City of Lake Mills.
The City should also consider starting a land bank to encourage the economic strengthening of certain neighborhoods. The goal would be to promote economic development, increased property values, reduce blight and increase quality of life. The land bank would reclaim, rehabilitate, and reutilize vacant, foreclosed or other under-utilized properties within specific neighborhood of Lake Mills.