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KENOSHA – Kenosha area businesses that suffered damage related to the recent civil unrest will be eligible for up to $20,000 each in state-backed, no-interest loans to help cover repair costs, it was announced Tuesday.
The Wisconsin Economic Development Corp. (WEDC) has allocated up to $1 million in funding for the Disaster Recovery Microloan (DRM) Program to assist these businesses. The loans can be used for procurement of cleanup and restoration services, operating expenses, temporary space, payroll, and repair and reconstruction work. Gov. Tony Evers declared a state of emergency last week (Aug. 25) after rioters caused widespread violence and damage in the wake of a officer-involved shooting of a citizen.
WEDC is partnering with the Kenosha Area Business Alliance (KABA) to administer the loans. Affected businesses should contact the KABA directly to access the loans (262-605-1100 or firstname.lastname@example.org) and contact WEDC for information regarding other assistance (855-469-4249). WEDC will use information gathered from conversations with stakeholders to identify possible additional relief that may be needed.
“For many businesses—and especially small businesses—this year has been marked by unexpected losses and disruptions,” said Missy Hughes, WEDC Secretary and CEO said in a news release. “WEDC is focused on this vital sector of our economy and helping our communities to recover from these shocks and aftershocks. We will continue to leverage our resources and partnerships in our efforts to assure economic well-being for all the citizens of Kenosha and Wisconsin.”
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 $20,000 at 0% interest, which will provide them with a short-term source of funds for repair work and operating expenses. The loans have a two-year repayment period, with the first payment deferred for at least six months.
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.