Last updated on April 28th, 2020 at 02:49 pm
Brew City Match will offer a total of $150,000 in loans and grants to help small businesses in certain parts of Milwaukee overcome closures and temporary revenue loss caused by the COVID-19 pandemic.
Businesses who apply could be eligible for a $1,200 grant, which are administered by business improvement districts, as well as loans with an interest rate of 0%. The loan can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The program is available to businesses in the Cesar Chavez Drive, Historic King Drive, Near West Side and North Avenue/Fond du Lac Marketplace business improvement districts and the neighborhoods directly around them.
The Hmong WI Chamber of Commerce will be servicing 100,000 in small business loans as part of the Brew City Match response.
“The small businesses we’re targeting to assist through this loan program are in some of the most vulnerable areas of Milwaukee – they are the heartbeat of their neighborhoods,” Maysee Herr, executive director of the HWCC said in a statement.
Priority for business grants and loans will go to restaurants, retail and service businesses, according to a press release. There is a $100 application fee to apply, which offsets the staffing costs necessary to review the loans and provide a timely response.
Brew City Match is an economic development initiative to support commercial corridor revival and entrepreneurship in Milwaukee. It is led by Local Initiative Support Corporation (LISC), in partnership with the City of Milwaukee’s Department of City Development, Hmong Wisconsin Chamber of Commerce, Columbia Savings & Loan, MEDC, Wisconsin Women’s Business Initiative Corporation (WWBIC), and the Greater Milwaukee Committee’s MKE United Initiative. Brew City Match received a $3.5 million ProNeighborhoods grant from JPMorgan Chase & Co.