WHEDA offering $11.1 million in small business financing

Funding available from two capital products

Coins stacked

The Wisconsin Housing and Economic Development Authority is offering small businesses access to $11.1 million in new financing, Gov. Scott Walker announced Wednesday.

Coins stacked

Walker announced the available funding at an event marking the fifth anniversary of Transform Milwaukee, a state initiative focused on growing the Milwaukee economy in the 30th Street Industrial Corridor, the Menomonee Valley, the Inner Harbor, Riverworks, and the Aerotropolis around General Mitchell International Airport.

Milwaukee-based Legacy Redevelopment Corp. will administer the newly-created $5 million Wisconsin Business Opportunity Fund, making $100,000 to $1 million loans. The federal New Markets Tax Credits program will be used to finance construction, equipment purchases, and other types of hard assets for small businesses.

An additional $6.1 million will be available to support WHEDA’s Participation Lending Program. The program can be used for purchases such as land, facilities, equipment, long-term working capital, equipment, materials, and facilities for the production, packaging, processing, or distribution of raw agricultural commodities.

The $11.1 million in capital is being provided by PNC Bank, Johnson Bank, and Milwaukee LISC (Local Initiatives Support Corp.). A minimum of $3 million will be targeted for the Transform Milwaukee area with the balance is available statewide.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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