Coffee break: Terese Caro

Aug 16, 2021 4:08 pm

Terese Caro President and chief executive officer Legacy Redevelopment Corp. 1536 W. North Avenue lrcmke.com Industry: Banking and finance | Employees: 3 Caro has built a career in banking and finance over the past 30 years, but she’s had business savvy for longer than that. “If you asked my parents, they’d say I was an

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Terese Caro

President and chief executive officer

Legacy Redevelopment Corp.

1536 W. North Avenue

Industry: Banking and finance | Employees: 3

Caro has built a career in banking and finance over the past 30 years, but she’s had business savvy for longer than that. “If you asked my parents, they’d say I was an entrepreneur-minded child.” As a pre-teen growing up in Larned, Kansas, Caro started and oversaw her own daycare business – and she wasn’t the one babysitting.

Her math skills and love for numbers led to her first job out of high school as a part-time bank teller.

Caro joined Legacy Redevelopment Corp. in 2016 as vice president and chief lending officer. She was named president in March 2020 and promoted to her dual role in May of this year. LRC is a nonprofit, federally certified community development financial institution that provides loans and technical assistance to small businesses and nonprofit organizations in Milwaukee’s central city.

A practicing Christian, Caro has always felt drawn to the mission of community banking. “The core of who I am is to give back, to educate, to be able to help move people forward.” Now in the middle of the COVID-19 pandemic, CDFIs like LRC play an important role in the recovery of small and minority-owned businesses that wouldn’t otherwise be eligible for a traditional bank loan.

When she’s not working, Caro enjoys spending time with her two adult daughters and works in children’s ministry at her church. She also serves as treasurer for Milwaukee’s Social Development Commission and R.U.B.I.E.S., a local nonprofit aimed at preventing sex trafficking.

Caro takes her coffee with cream and raw sugar.

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Terese Caro