The Hispanic Chamber of Commerce of Wisconsin Inc. has created a new LLC that is seeking a $50,000 loan from the Milwaukee Economic Development Corp. to bolster the revolving loan fund pool it is developing.
HCCW Community Development Fund LLC will administer the revolving loan fund. The MEDC loan would go to the funding pool that is being used to establish the RLF, which will offer loans to small and startup businesses.
The Wisconsin Economic Development Corp. awarded $100,000 in seed funding to establish the RLF, which is part of the WEDC’s plan to increase access to capital for Hispanic businesses and entrepreneurs.
The WEDC requires HCCW to match its seed funding at a 1:1 ratio. Associated Bank provided a $25,000 grant and Town Bank provided a $25,000 loan. The MEDC loan would fulfill the matching requirement, according to the HCCW’s loan application.