City Awards First Capital Catalyst Revolving Loan to Pete's Tire, Inc.
PRESS RELEASE
DATE: August 5, 2022
TO: Local Media Outlets
FROM: Rebecca Houseman LeMire, City Manager
RE: City Awards First Capital Catalyst Revolving Loan to Pete’s Tire, Inc.
The City of Fort Atkinson has awarded its first Capital Catalyst Revolving Loan (CCRL) to Pete’s Tire. The Whitewater based small business has purchased Power Tire, 2 Madison Ave. The City will hold a check presentation on Monday, Aug. 8 at 3:15 p.m. at the Fort Atkinson Municipal Building, 101 N. Main St.
Pete Brock established the business in Whitewater in 1992. Brock started in the industry in 1975 when he worked for Firestone in Elkhorn. In 1986, he was hired to manage the Whitewater Goodyear store, and eventually established Pete’s Tire in Whitewater in 1992. In 2012, Pete built Pete’s Tire Service in Elkhorn. His daughter Rebecca and her husband now own and run that store. Brock now runs the Whitewater store with his son Jonathan Brock and daughter Rachel Pattermann.
After acquiring the property in Fort Atkinson, they intend to clean up the outside of the building with paint, update electrical services, replace the furnace and air conditioner, repair the floor of the facility, replace the ceiling, remodel the office and add new overhead doors. The business offers roadside service, new tires, tire repairs, ball joints, tie rods, oil changes, muffler systems, alignments and hopes to add engine repair in Fort Atkinson.
The business was also recently awarded a low-interest loan through the Jefferson County Revolving Loan fund.
The purpose of the Capital Catalyst Revolving Loan Fund is to help stimulate the City’s economy. On Jan. 28, the Fort Atkinson Economic Development Commission approved a partnership with the Jefferson County Economic Development Consortium (JCEDC) to manage the revolving loan fund, which includes $600,000 in available funds.
The goal of the Capital Catalyst Revolving Loan Fund program is to encourage the startup of new businesses and the expansion of existing businesses. The focus will be on assisting companies in industry sectors including, but not limited to advanced manufacturing, agriculture or food processing, information systems or software, medical devices, biosciences and energy. Activities assisted with program funds should address one or more of the following:
- Encourage new private investment in the City of Fort Atkinson;
- Support a diverse mix of employment opportunities and minimize seasonal or cyclical employment fluctuations;
- Encourage the development and use of modern technologies that increase productivity and efficiency.
- Support the elimination of blight and encourage urban redevelopment.
Loans of up to $100,000 or 30% of total project costs are available through this Fund, made possible by a Grant from the Wisconsin Economic Development Corporation. The team at the Jefferson County Economic Development Consortium will work with applicants through the application and underwriting process. A Loan Review Committee will review applications and make recommendations to the Economic Development Commission for approval.
Anyone interested in more information is encouraged to review the application and loan guidelines on the City’s website at www.fortatkinsonwi.gov. Those interested in applying for the Capital Catalyst Revolving Loan Fund should contact Deb Reinbold, Interim Executive Director of JCEDC at deborahr@thriveED.org or 920-674-8710.
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