City of Racine’s Micro-Enterprise Loan deadline set for Feb. 15

Applications and supporting documents for loans from the City of Racine’s Micro-Enterprise Revolving Loan fund are due by Feb. 15. The Micro Fund is an economic development activity funded through the City of Racine’s Community Development Block Grant annual allocation from the U.S. Department of Housing and Urban Development.

The Racine Micro-Enterprise Revolving Loan is a financing product designed to benefit city’s small business owner-operators with low- or moderate-income households. The Micro Fund targets businesses with five or fewer employees, and addresses disparities in minority lending and business ownership in Racine.

The Community Development Block Grant Micro-Enterprise Revolving Loan Fund (Micro Fund) applications are accepted on a semi-annual basis. Micro Fund application documents, including the program application, guidelines, and scoring matrix are provided on the City of Racine webpage.

Micro Fund application process

• Applicant submits program application to Community Development staff
• Staff complete a threshold review
• Eligible applications reviewed by advisory panel
• Final recommendations presented to Redevelopment Authority for Approval
• Staff develops and executes contract
• Staff ensures project implementation, monitoring, and on-going compliance
• Staff provides RDA and committees updates as necessary Applications and Support Documents

Applications must be mailed or delivered to: City of Racine, Department of City Development, Attn: Ben Lehner, 730 Washington Ave., Racine WI 53403

Or, emailed to ben.lehner@cityofracine.org