The Milwaukee Common Council has approved a $1 million Community Development Block Grant fund to aid in minority business development.
The fund was approved June 20, and is particularly aimed at minority contractors, to help them with commercial development and business development.
The loan fund is available for small businesses, particularly subcontractors, to use toward business operations such as payroll reimbursement, bonding and equipment purchases. Loans, which are administered through the Legacy Redevelopment Corp., must be used in the City of Milwaukee and the line of credit term cannot go beyond 12 months. The loans, which will be between $40,000 and $200,000, are pre-approved based on forecasted developer fees and have an interest rate of between 4 and 6 percent.
“With construction booming across the city, this is the perfect time to take your business to the next level,” said Alderman Russell Stamper II. “I encourage small minority-owned businesses who want to someday be a prime contractor to explore this resource.”
Business owners can apply to the fund by contacting the Community Development Grants Administration at 414-286-3647.
The Community Development Block Grant program is administered by the U.S. Department of Housing and Urban Development, and provides communities with funding to address a variety of community development projects in underserved neighborhoods.
