RACINE – The City of Racine has launched a loan program to assist businesses impacted by road construction, particularly the reconstruction work on parts of Washington Avenue (Highway20).
The City of Racine Road Construction Loan Program provides 0% interest working capital loans of up to $5,000. There is a total of $50,000 available for this program. Loans will be accepted, processed, and distributed on a first-come, first-serve basis.
Businesses located on or near Washington Avenue, between Roosevelt Avenue and West Boulevard, are invited to apply. Loan applications will also be considered from businesses in other areas of the city that are impacted by road construction.
“We are confident this program will provide the much-needed relief to businesses impacted by the ongoing road construction projects,” Racine Mayor Cory Mason said in a news release. “I encourage any business located in or near the construction zones to apply for this program.”
The program was designed by the Racine County Economic Development Corp. (RCEDC) in partnership with the City of Racine. Funding for this program is from the Racine Development Group (RDG), which includes the following investors: BMO Harris Bank, Johnson Financial Group, JP Morgan Chase Bank, RCEDC, S.C. Johnson, Tri-City National Bank, US Bank, and Wells Fargo Bank.
Businesses operators interested in applying for the program may contact Akayna Morrison atakayna@blp504.org or (262) 898-7434.