The latest round of the Greater Milwaukee Foundation’s small business loan program awarded $800,000 to 16 local businesses, the foundation announced on Monday. This is the third round of funding issued through the ThriveOn Small Business Loans program, which the GMF launched in 2021. The program is part of the GMF’s broader impact investing efforts
The latest round of the Greater Milwaukee Foundation’s small business loan program awarded $800,000 to 16 local businesses, the foundation announced on Monday.
This is the third round of funding issued through the ThriveOn Small Business Loans program, which the GMF launched in 2021. The program is part of the GMF’s broader impact investing efforts focusing on equitable economic opportunity, early childhood education and beyond, housing and the ThriveOn Collaboration.
The Wisconsin Economic Development Corp. contributed to the GMF’s investment through a $300,000 matching grant. The GMF received the grant from the WEDC’s Capital Catalyst Program for its focus on emerging growth businesses. The rest of the loan funding came from GMF donors, who matched the grant, and other assets “allocated by the foundation’s board,” according to a news release.
[caption id="attachment_591823" align="alignleft" width="300"] Greg Wesley[/caption]
“When we invest together in our region’s small business sector, we create opportunities for economic mobility,” said Greg Wesley, president and CEO of the GMF. “We are proud to be selected by WEDC to administer Capital Catalyst funding and honored by the partnership and generosity of donors who chose to co-invest with us to multiply the impact. As local businesses thrive, so do we all.”
The 16 loans, which have already been disbursed, are projected to help create 13 full-time and 27 part-time jobs.
“Access to capital is critical to helping small businesses survive and thrive,” said Missy Hughes, secretary and CEO of WEDC. “Partnerships like the ThriveOn Small Business Loans program provide that assistance to small businesses in a community-based setting, where they are most likely to feel comfortable seeking help.”
The loan recipients include:
Bara Legacies (Milwaukee)
M. Dika Dermatology (Burlington)
Encore Cleaning Systems (Menomonee Falls)
FIT4YOUMKE (Milwaukee)
Honey Bee Sage (Milwaukee)
JenGerDoll (Milwaukee)
Jetlagged (Milwaukee)
Just Shuttle (Wauwatosa)
Silent Wealth (Milwaukee)
Vibez Creative Art Space (Glendale)
Confluence Graphics (Milwaukee)
Freeway Acres (West Allis)
Jennings Asphalt Contracting (Milwaukee)
Modern Ledger Business Services (West Bend)
Piece of Love (West Allis)
Vision Print Designs (West Allis)
The GMF’s small business loans program offers a 2% interest rate and “access to technical support to improve business operations in areas like accounting, cash flow management, customer-building strategies and technology,” according to a news release.
Kermiath McClendon, impact investing manager at the GMF, previously told BizTimes that the goal of impact investing is to provide access to capital with a low-interest rate and on affordable terms to spur “economic mobility for disinvested people.”
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