The Wisconsin Women’s Business Initiative Corporation (WWBIC), an AERIS rated Community Development Financial Institution (CDFI) and 501(c)(3) whose mission is to improve the economic well-being of individuals – specifically women, minority, lower-wealth and Veterans, was awarded a $750,000 grant from the US Department of Health and Human Services (DHHS) Office of Community Services – Community Economic Development (CED) Program. WWBIC, with more than 30 years of impact as a successful economic development organization combining government and private resources will be dedicating the grant award to Sherman Park and surrounding neighborhoods, including direct support for the Sherman Phoenix Project. The Sherman Phoenix Project alone, anticipates creating 49 new full-time, full year jobs, 37 of which (75%) will be taken and held by low-income individuals in a Historically Underutilized Business Zone (HUBZone) designated by the U.S. Small Business Administration.
The Sherman Phoenix project will transform a vacant, fire-damaged BMO Harris Bank building into high-quality commercial space for 29 small entrepreneurs, offering prepared foods, wellness services, and arts and cultural activities. With a Fall 2018 completion target and led by local developers Juli Kaufmann and JoAnne Sabir, Sherman Phoenix will be a model for healing our city, generating positive economic and social returns in communities of color. WWBIC is partnering with Sherman Phoenix LLC, to support the tenant buildout, building operations and programmatic costs. WWBIC will use a share of the grant funds to provide quality business and financial educational programming and one-on-one technical assistance to the Sherman Phoenix tenant entrepreneurs and business owners as well as business support in the surrounding neighborhood areas. These DHHS-OCS-CED award funds will also allow WWBIC to assist and support the entrepreneurs and their employees address personal barriers to success by providing financial capability education and coaching to help them gain control over their personal finances, build assets, improve their economic well-being, and move toward economic self-sufficiency.
Investing in inclusive pathways to economic opportunity for our neighborhoods and families allows individuals to thrive. The project will support entrepreneurs of color with mentorship and coaching to help them grow their businesses, generate jobs and support the local economy. Please go to https://www.shermanphoenix.com/tenants to learn more about the tenants of the Sherman Phoenix project.
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Pay close attention: Sherman Park and surrounding neighborhoods:
Our commercial corridor small businesses (and neighborhood businesses that are not in a commercial corridor) are hoping that WWBIC will use the funds to strengthen small businesses that are currently operating in Sherman Park. There are countless business owners that are struggling in Sherman Park and WWBIC should start knocking on their doors. There are businesses that have been operating for 5, 10, 15, 20, 30… years that need to see resources trickle down to their front doors as well. Yes, it is great to have new businesses in Sherman Park, however, there are businesses that WWBIC could outreach to in order to fairly use the funds. Many live, work, and play in the Sherman Park area on a daily basis and choose to be here and have been here for years. There are plenty of opportunities in Sherman Park of course, however, when others tell the story from outside of the neighborhood, it becomes their story. You have to go into the neighborhood to find out what truly is happening and what the needs are.
Dr. Jennifer Potts, BID 39 Executive Director
Center Street Marketplace – (representing many current businesses in Sherman Park)