17 small businesses receive Greater Milwaukee Foundation loans
MILWAUKEE (CBS 58) -- Seventeen small businesses, located in Milwaukee's Halyard Park, Harambee and Brewers Hill neighborhoods, received loans from the Greater Milwaukee Foundation offering the opportunity to reopen, hire or sustain or improve business operations in a variety of ways.
Nearly 80% of the businesses are located in the Halyard Park, Harambee and Brewers Hill neighborhoods associated with the ThriveOn Collaboration, and all are owned by people of color.
According to a news release, the Greater Milwaukee Foundation is rapidly deploying a total of $780,000 in low-interest loans with favorable terms, ranging in amount from $25,000 to $50,000.
Approximately 40 jobs are expected to be created or re-established.
“Thriving neighborhoods rely on thriving small businesses for employment, for accessible products and services, and to attract economic activity and momentum,” said Kenneth Robertson, Foundation executive vice president, COO and CFO. “The Foundation is well aware that Black- and Brown-owned businesses already face systemic barriers to accessing funding, so when we saw the disproportionate impact the pandemic was having on small businesses in Milwaukee neighborhoods, we knew we had to think different and act quickly. We’re glad we were able to mobilize these dollars as a form of relief and potential growth for owners in our community.”
ThriveOn Small Business Loan recipients:
The ThriveOn Small Business Loans are part of a five-year, $30 million commitment to advancing equitable economic opportunity through the Great Milwaukee Foundation’s impact investing program.