A proposed City of Racine program would establish a new microenterprise loan program to help spark small business development.
Microenterprises are businesses with five or fewer employees. A Microenterprise Revolving Loan Fund, seeded with a grant from the U.S. Department of Housing and Urban Development, would provide low-interest loans of up to $15,000 for early-stage, owner-operated firms in the city that are between six months and three years old.
Racine plans to distribute $62,700 from the fund in the 2018 fiscal year, and accept applications twice per year for the program until funding is depleted.
The program still needs approval from the Community Development Committee and the Common Council, which is expected to take it up at an October 2 meeting. If approved, the city would begin disbursing funds in November.
Read more in BizTimes Milwaukee.