The micro-loan program is designed to help Kenosha Area businesses with cleanup costs, repairs, temporary operating space, restoration services or other costs.
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 if applicable
Additional information as well as the official application will made available at https://www.kaba.org/Kenosha _Cty_DRM_2020 beginning Monday, October 26. Applicants may contact KABA at grants@kaba.org with any questions.
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.