Number
R_12967
Version
Original
Reference
Sponsor
The Chair
Title
Resolution approving an award of contract to the Wisconsin Women’s Business Initiative Corporation) to administer a $1.5 million revolving loan fund as part of the Choice Neighborhood Initiative Critical Community Improvements Plan in support of the Loan Fund in the amount of $150,000
Analysis
Body
Whereas, the City of Milwaukee in conjunction with the Housing Authority of the City of Milwaukee received a $30 million Choice Neighborhoods Implementation grant from the U.S. Department of Housing and Urban Development for the Westlawn Choice neighborhood bounded by Sherman Boulevard (east), 76th Street (west), Villard Avenue (south) and Mill Road (north); and
Whereas, the Choice Neighborhoods grant included a $1 million revolving loan fund with a $500,000 match from the Wisconsin Women’s Business Initiative Corporation (WWBIC) to support the creation, retention and expansion of businesses in the Westlawn Choice neighborhood; and
Whereas, the WWBIC was incorporated in 1987 to support entrepreneurship and home ownership among women, people of color and low-income communities through a range of services; and
Whereas WWBIC is a leading statewide certified Community Development Financial Institution (CDFI) as well as AERIS rated and one of the leading and largest U.S. Small Business Administration’s Micro lenders, and has lent more than $60 million in its 30-year history, served over 60,000 individuals, and assisted in starting or strengthening more than 4,770 businesses, and supported the creation or retention of nearly 11,000 jobs; and
Whereas, WWBIC is providing $160,000 (over 5 years) of in-kind outreach, client education, and assistance, and a $500,000 match for the loan fund, which was included in the Choice Neighborhood Implementation grant application; and
Whereas, the WWBIC will establish a segregated and restricted bank account with JP Morgan Chase Bank to administer and ...
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