The non-profit Northwest Side Community Development Corporation (NWSCDC) now controls a $1 million loan fund targeted at startup and early-stage companies. The fund, targeted at firms in working in power and energy, food and beverage and water technology clusters, is slated for businesses that are generating revenue, but not yet profitable.
“This is a very exciting day here in the city of Milwaukee, and we need to make sure there are more exciting days,” said Lieutenant Governor Mandela Barnes at a press conference announcing a $500,000 state grant to support the effort. The event was held in NWSCDC’s offices, located in the former Eaton Corporationcorporate suite on the 7th floor of what is now Century City Tower at 4701 N. 27th St.
“Unfortunately this area isn’t always recognized for the greatness that lies within it,” said Barnes, who grew up nearby in the 53206 zip code known for having the highest incarceration for African American males in the United States.
Assembly Representative David Bowen said the fund will be focused on companies going from two to three employees to six to 10. “I hope this is just the start of many more dollars that will be introduced in the future,” said Bowen.