WEDC Disaster Recovery Microloan Program
Wisconsin Economic Development Corporation Disaster Recovery Microloan Program
Business owners in Kenosha County trying to recover from damage that occurred during the civil unrest in August are eligible for aid from the State of Wisconsin through interest-free loans to make repairs and rebuild inventory.
The Wisconsin Economic Development Corporation (WEDC) is making $4 million available for loans of up to $50,000 for local business owners who suffered measurable physical damage to their buildings/business. WEDC is partnering with the Kenosha Area Business Alliance (KABA) to administer the loans.
Under the Disaster Recovery Microloan (DRM) Program, WEDC awards grants to its contracted regional designees, such as KABA, which in turn provide loan applications and issue loans to damaged businesses seeking short-term assistance. Businesses that suffered measurable physical damage because of the unrest and intend to resume operations in the community as quickly as possible are eligible and encouraged to apply for the assistance.
Businesses in the affected areas will be eligible for loans of up to $50,000 at 0% interest, which will provide them with a short-term source of funds for repair work and operating expenses. The loans have a four year minimum repayment period, with the first payment deferred for at least six months. Each loan recipient will have an opportunity to have up to 50% of their loan amount forgiven for meeting certain program criteria.
Applications for the Kenosha County DRM program will open on Monday, October 26. The applications will be accepted until 8:00 a.m. Friday, November 6, 2020. Business who would like to prepare in advance can begin by assembling the following information:
- Police report
- Insurance claim information
- Repair estimate
- Photos of damage
- 2018 & 2019 financials and/or tax returns
- Plans to reopen/relocate
Ineligible businesses include: payday loan and title companies, telemarketing other than inbound call centers, pawn shops, liquor stores, adult entertainment venues, home-based businesses, and/or farms.
WEDC’s Disaster Recovery Microloan Program was introduced in 2018 and is available to businesses in all 72 counties impacted by manmade or natural disasters declared by state or federal authorities. For detailed information on the program, visit wedc.org/disasterrecovery.
Applicants may contact KABA at firstname.lastname@example.org with any questions.