Madison-based Wisconsin Business Development (WBD) announced that it has sold its Lincoln Opportunity Fund loan portfolio to Milwaukee-based Wisconsin Women’s Business Initiative Corporation (WWBIC).
The Lincoln Opportunity Fund, originally created to support economic development in Milwaukee’s Lincoln Village neighborhood, serves startup small businesses that may need technical and financial assistance.
WBD said the sale will allow it to refocus its goal to provide financing to small businesses that require less technical assistance but more financial support for its future success.
“We recognize that entrepreneurs need different levels of support depending on their situation and this sale better aligns those services with the organization who can best serve their needs,” said Dan Schneider, CEO of WBD.
WWBIC President Wendy Baumann said the organization has succeeded in advising small businesses about technical assistance. Obtaining the fund now allows WWBIC to provide that support.
The partnership between WBD and WWBIC will better support small businesses with larger networks and possible services including training, referrals and promotion, she said.
“A great partnership is when the partners both gain or win – here we have a trifecta…WWBIC, WBD and our Wisconsin entrepreneurs and business owners,” Bauman said.
WWBIC plans to contact the business owners of the acquired loans and offer assistance and training.
“WWBIC’s microlending fund and its ability to offer the hands on technical assistance will be the ideal starting point for some and as their business knowledge and volume grow WBD will be there to help with larger financing needs,” said Schneider.