KENOSHA – A Wisconsin Economic Development Corp. (WEDC) no-interest microloan program for Kenosha businesses damaged during the recent civil unrest has been increased to $4 million, it was announced Wednesday.
“We know Kenoshans are working to reconstruct and repair in the wake of devastation, and we want to do everything we can to support the Kenosha Comeback,” Gov. Tony Evers said in a news release. “I have seen firsthand the resilience of this community, and we are going to do everything we can to be there as they work to rebuild and move forward together. I am grateful for the good work of the WEDC and Kenosha-area legislators, especially Rep. Tod Ohnstad, for helping to make this happen.”
Earlier this month, Gov. Evers and the WEDC announced that Kenosha small business owners who suffered losses would be eligible for $1 million in Disaster Relief Microloan (DRM) program funds from WEDC. Today’s announcement raises that figure to a total of $4 million and increases the maximum loan available to each business from $20,000 to $50,000. The governor and WEDC Secretary Missy Hughes announced the program increases after touring the damaged areas.
The WEDC is partnering with the Kenosha Area Business Alliance (KABA) to administer the loans. Affected businesses should contact KABA directly (262-605-1100 or email@example.com) to access the loans and contact WEDC for information regarding other assistance. 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 microloans of up to $50,000 at 0% interest, which will provide them with a short-term source of funds for repair work and operating expenses. The loans can be used for cleanup and restoration services, operating expenses, temporary space, payroll, and repair and reconstruction work.
WEDC’s Disaster Recovery Microloan Program was introduced in 2018 and is available to businesses in all 72 counties impacted by man-made or natural disasters declared by state or federal authorities. For detailed information on the program, visit wedc.org/disasterrecovery.