The Waukesha County Center for Growth
has established a new $2 million revolving loan fund aimed at spurring economic growth, the organization announced.
Town Bank, First Financial Centre and Johnson Financial Group contributed the capital to create the community development loan fund, dubbed Generating Resources and Opportunity in Waukesha County Fund. WCCG is also working to bring on more contributions to expand the GROW Fund.
It will provide loans to businesses seeking to expand in the manufacturing, service and commercial sectors in Waukesha County, as well as developers working on low- and moderate-income housing projects in Waukesha County. And the banks will receive Community Reinvestment Act credits for their contributions.
“The GROW Fund is unique because it’s designed to increase affordable housing options in Waukesha County while encouraging banks to invest in the community,” said Nate Zastrow, executive vice president and chief financial officer of First Bank Financial Centre.
The GROW Fund will be managed by the Milwaukee Economic Development Corp., and the WCCG will identify candidates for the loans.
“This shows what can happen when public and private partners work together to spark economic development,” said Waukesha County Executive Paul Farrow. “This tool will enhance the Waukesha County Center for Growth’s ability to connect businesses with the resources they need to grow.”