MILWAUKEE — This year, the Greater Milwaukee Foundation announced that they will deploy $1 million in low-interest loans to support small businesses based in Milwaukee, Waukesha, Washington and Ozaukee counties, thanks to the success of the ThriveOn Small Business Loans program.
According to the release, from 2022-23, previous cycles of ThriveOn Small Business Loans, part of the Foundation’s impact investing program, provided over $1 million in low-interest loans and business coaching to 23 local businesses collectively.
Eligible business owners can apply for a loan of up to $75,000 at a 2% fixed interest rate with a seven-year term maximum. The application opens on June 18, and closes on July 8.
The release also mentioned that these loans 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. In addition to the proceeds, benefits include technical assistance, networking opportunities and the ability to support other small businesses.
As the loans are repaid, the money is recycled back to the community to support other small businesses and opportunities in housing and early childhood education.
Business owners interested in learning more are invited to attend an informational session at 5:30 p.m. Thursday, June 13, at the Foundation’s office, 2153 N. Dr. Martin Luther King Jr., Dr., Suite 4000, Milwaukee. More information is also available online, at tinyurl.com/2e4j6n8d.