Initiative to rejuvenate Milwaukee’s economy receives additional $3.25M
The Wisconsin Housing and Economic Development Authority (WHEDA) is designating a new program providing incentives to lenders to make small business loans in the Transform Milwaukee area.
An additional $3.25 million has been targeted to Transform Milwaukee with $2.5 million for small business loan guarantees approved in the 2013-15 state budget signed into law by Governor Walker and $750,000 for loan guarantees provided by the state Department of Justice.
Under the Transform Milwaukee Loan Guarantee Program (TMG), the maximum guarantee percentage for small business loans madein the Transform Milwaukee area that use the $3.25 million will be increased to 80%.
The new funding will allow for $18.3 million in total lending in Transform Milwaukee.
“WHEDA is thrilled to offer opportunities that will motivate local small businesses to grow in Milwaukee neighborhoods, infusing new economic life,” said WHEDA Executive Director Wyman Winston.
Another provision of TMG gives WHEDA the ability to examine refinancing transactions with loan proceeds used to refinance debt if the borrower also expands an existing business.
“The continued expansion of Transform Milwaukee is a clear indicator that many entrepreneurial partners are excited about the prospect of rebuilding Wisconsin’s 1st classcity,” said Winston. “We appreciate those partners and are extremely grateful to Governor Walker, the entire Wisconsin Legislature, and the Department of Justice for their financial support and confidence in Transform Milwaukee.”