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