At its annual conference on September 12, the Wisconsin Housing and Economic Development Authority (WHEDA) announced new capital funds to help small businesses expand.
The newly-created WHEDA/LRC Wisconsin Business Opportunity Fund totals $5 million and will finance equipment purchases and other types of hard assets for small businesses through the federal New Markets Tax Credits (NMTC) program. NMTCs allocated by WHEDA are a resource to help generate job creation and economic development by promoting equity investment in low-income urban and rural communities. Legacy Redevelopment Corporation (LRC) will administer the fund.
An additional $6.1 million is being made available to support WHEDA’s Participation Lending Program approved in 2012 by Governor Walker and the state legislature. The Participation Lending Program can be used for purchases such as land, facilities and equipment as well as long term working capital.
The $11.1 million of capital for the two new programs is being provided by PNC Bank, Johnson Bank and Milwaukee LISC. A minimum of $3 million will be targeted for the Milwaukee area with the balance available statewide.
For more information on WHEDA programs, visit wheda.com or call 800-334-6873.