The Wisconsin Women’s Business Initiative Corporation is now offering small businesses impacted by COVID-19 a microloan of up to $15,000, the organization recently announced.
Milwaukee Common Council has approved a total of $1 million for the fund, which will be used to provided up to 57 Milwaukee-based businesses with a forgivable microloan.
Funds will be targeted for businesses with 20 employees or less that retain or create a minimum of one job for a low-to-moderate income individual or to business owners whose individual household income is below 80% of the Milwaukee County area median income.
The funds have been made available to the City of Milwaukee from the U.S. Department of Housing and Urban Development (HUD) under the Federal CARES Act, according to a press release.
The new loan program is called the Building Resiliency Small Business Assistance Forgivable Loan program.
WWBIC will be handling the application, underwriting and distribution of the forgivable loans, as well as providing follow-up business coaching and mentorship opportunities.
Click here to apply or for additional information on the loan program.
