The
Greater Milwaukee Foundation hopes to support small, local businesses in Milwaukee, Waukesha, Washington and Ozaukee counties by offering up to $1 million in business loans.
The funding is part of the foundation’s ThriveOn Small Business Loans program, which is part of GMF’s $30 million commitment over 5 years through its impact investing program. This year, due to the past success of the loan program, it has been expanded to include all four counties.
Eligible business owners can apply for a loan of up to $75,000 at a 2% fixed interest rate with a seven-year max term.
The loan can be used as working capital, for the purchase of equipment and supplies, debt finance, building improvements, payroll assistance and a business-related transportation vehicle. Loan recipients will also receive technical assistance and additional networking opportunities.
From 2022-23, previous cycles of ThriveOn Small Business Loans provided more than $1 million in low-interest loans and business coaching to 23 local businesses collectively.
"This effort supports the foundation’s commitment to infuse significant capital into disadvantaged, small neighborhood businesses," according to a Wednesday announcement from GMF.
As loans are repaid, the dollars are recycled back to the community to support other small businesses and opportunities in housing and early childhood education.
