Associated Bank has received the Minority Business Development Award from the Wisconsin Economic Development Corporation.
The award was presented to the Green Bay-based bank at the Governor’s Awards Luncheon at Potawatomi Expo Center in Milwaukee last week. It recognized Associated’s contributions to the revolving loan funds at the Hispanic Chamber of Commerce of Wisconsin and the African American Chamber of Commerce, both of which are based in Milwaukee.
The revolving loan funds aim to make capital available to new or growing minority businesses.
“We commend Associated’s engagement with the minority community and hope its efforts will encourage others to follow this visionary lead,” said Seyoum Mengesha, minority business development manager for WEDC’s business and industry development group.
The bank invested a combined $50,000 in the funds in August. Associated estimates the investment will help grow eight businesses and create or retain 20 jobs, which contribute to tax revenues and community development.
Associated will also contribute financial expertise to help the chambers increase access to capital for small businesses.
“We’re honored to have been recognized by this critically important organization,” said Andrew Ruehl, Associated corporate social responsibility manager. “One of our goals at Associated is to promote the health, strength and stability of the communities we serve for the long-term benefit of everyone concerned. And contributing to these revolving loan funds is one of the best ways we’ve found to help make that happen.”
