Legacy Redevelopment Corporation (LRC), a U.S. Treasury-certified Community Development Financial Institution (CDFI) that has provided strategic lending solutions to Milwaukee’s underserved markets since 2003, is now offering financial assistance to struggling Racine small businesses.
The organization has partnered with the City of Racine to manage a new Microenterprise Assistance Program that provides loans to Racine area businesses with five or less employees. To better support this program as well as future needs, LRC has opened an office at 500 College Ave in Racine.
“We’re thrilled to be trusted by the City of Racine for this important loan program for small businesses,” said Terese Caro, LRC president & CEO. “It is challenging enough to run a small business during normal times, let alone during a sustained pandemic.” She added, “We know that many small businesses are still struggling to keep their doors open and retain staff, and believe this program will offer much-needed relief.”
According to Caro, the program is targeted at small established businesses that have faced hardships due to the COVID-19 pandemic. Loans are available up to $20,000 to qualifying businesses.