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Legacy Redevelopment Corporation (LRC), a U.S. Treasury-certified Community Development Financial Institution (CDFI) that provides strategic lending solutions to Milwaukee’s underserved markets, has been awarded $1 million in funds by the City of Milwaukee specifically to help existing, small, for-profit businesses hurt by the COVID-19 pandemic. Funds are now available to qualified businesses and will be 100% forgivable when borrowers meet the program criteria.
“COVID-19 continues to take a financial and emotional toll on all of us, especially struggling small businesses, said Terese Caro, LRC president. “Thanks to new pandemic-specific loan funds from the City of Milwaukee, we’re now able to offer some relief and peace of mind during these incredibly difficult times.”
According to Caro, loans from $5,000 and up to $20,000 are available to eligible Milwaukee small businesses and will be fully forgiven after six months if the organization has provided documentation for use of funds and retained or added new employees. “The loans are unsecured, with no collateral required, and must be used for working capital to improve the safety of the business and its staff,” Caro stated. “Examples of qualified expenditures include purchasing personal protective equipment and inventory, or paying mortgage, rent, or payroll,” she added. “Our goal is to help make sure these businesses survive the pandemic challenges still to come.”
To be eligible, a business must be either:
- A micro business with five or fewer employees with owner earning less than 80% of the Milwaukee County Area Median Household Income (MCAMHI)
- Including the applicant, business has 20 or less employees, and within six months of receiving funds will document the creation or retention of at least one job for an employee earning under 80% of MCAMHI.
- Business must provide documentation of how loan funds were used.
- Start-up businesses are not eligible for this program.
To learn more or to see if your business qualifies for a COVID-19 relief loan, contact Terese Caro at 414-343-3091 or email@example.com. Applications will be accepted until the City of Milwaukee funds are depleted.