First-Ring Industrial Redevelopment Enterprise Inc. (FIRE) and Oak Creek-based Tri City National Bank are launching a $7 million loan pool for federal New Markets Tax Credits projects.
Eligible projects for the new loan pool will be in low-income or severely distressed census tracks. In southeastern Wisconsin, that includes most of West Allis, a large portion of Milwaukee, and some areas of Racine and Kenosha, said Bryan Johnsen, vice president at Tri City.
The pool will place an emphasis on projects that support accessible job creation, operating businesses, Brownfield reclamation, and potential “catalytic opportunities.”
This is the first loan pool FIRE and Tri City have partnered to administer. The pool has not closed yet, but should have funds available within a month.
Read more in BizTimes Milwaukee.