The City of Racine is announcing the creation a new loan program to support and expand small business development.
The Microenterprise Revolving Loan Fund is being established to provide low interest loans up to $15,000 to early stage, owner-operated businesses based in Racine.
“This is the perfect time to announce this program,” said Mayor Cory Mason. “As the City prepares for what could be unprecedented development, we must leverage the talent, grit, and growth potential of area entrepreneurs to increase their access to opportunities for success and growth.”
The Micro Fund is made possible through federal funding from the Department of Housing and Urban Development’s Community Development Block Grant program. The City of Racine will accept applications twice annually through a Notice of Funding Availability until funds run out. In the 2018 fiscal year, $62,700 has been made available for the Micro
Fund. Eligible businesses must have 5 or fewer employees, including the owners, and be in operation between 6 months and 3 years. The Micro Fund has fewer federal regulations than other City of Racine Small Business loan programs, and supports the City’s 5 year Comprehensive Plan for economic development. Read the full story here.