FAQ

What kind of loans do you offer?
Do you have grants?

Where do I find a list of city properties for sale?
I need a loan for my business.  How do I get started?
What other financing options are there?
How can I develop my workforce?



 What kind of loans do you offer?
MEDC makes loans in partnership with banks to help finance the purchase and renovation of buildings, new construction, and equipment. Interest rates on MEDC Second Mortgage loans are below market and MEDC generally subordinates its collateral position to the participating bank.

return to top


 

 Do you have grants?

MEDC does not offer grants, however, the Department of City Development (DCD) does provide targeted matching grants. The Retail Investment Fund (RIF) and the Façade Grant. Information on matching grants for environmental testing can be found on the DCD website.
return to top


 Where do I find a list of city properties for sale?
Listings of available properties and buildings for lease or sale in Milwaukee can be found at the Milwaukee 7 Regional website: http://www.choosemilwaukee.com.  The website allows you to search by location, size and use. In addition, The Department of City Development maintains a list of available city-owned sites and sites for brownfields redevelopment.
return to top


 I need a loan for my business. How do I get started?
First, prepare a business plan that includes three years of financial projections for the business. If it's an existing business, include the past three years of financial history. There are several classes and programs available in Milwaukee that can assist you with preparing a business plan, some of which can be found in our Business Planning and Growth Resources. The business plan should also have solid knowledge of the market being entered, and the owners should have some experience in the industry.

You will also need owner equity capital to obtain financing for a business. This is usually 10% to 25% of the loan amount, and could be more for start-ups.

Know your credit score and make any necessary changes to improve it before talking with a bank.

If you're starting a new business, it's helpful to have a secondary source of income and resources, in the event the business does not provide a pay check for you intially.

There are many resources in the community to help you! Explore
BizStarts, research, and be open to ideas on how to run a business.
return to top


 What other financing options are there?
In addition to direct financing, loan guarantees are available from federal, state and local governments. the bank will submit your application for guarantee programs that may be appropriate for your project.

The most popular business loan guarantee program is from the federal U.S. Small Business Administration. The U.S. Small Business Administration (“SBA”) provides loan guarantees of bank loans to small businesses.  The SBA also offers the 504 Debenture Program, which provides long-term, fixed-rate loans for owner-occupied business real estate purchase or construction and equipment purchases.  The 504 Debenture Program will finance as much as 40% of the project cost. The bank and the borrower provide the remaining 60%.  Local providers of the 504 Debenture are Wisconsin Business Development, and Business Lending Partners.

The federal U.S. Treasury Department has established federal tax credit programs that may be used as sources of equity for down payments on projects or as low interest loans. the most widely recognized tax credit program is the New Markets Tax Credit (NMTC) Program. MEDC provides a low interest rate loan in census tracts that meet the criteria established by the New Market Tax Credit Program. Other Wisconsin organizations also provide loans or equity resources.

The Wisconsin Economic Development Corporation makes investments in companies that are expanding operations in Wisconsin. Specifically, WEDC will invest in companies that retain or create family-supporting jobs in the state of Wisconsin.

The 
Wisconsin Housing and Economic Development Association provides small business resources throughout the state including the Capital Access Program.

Other cities and counties may offer revolving loan fund programs similar to those of MEDC. Check with the local economic development organization in your community to see what is available.
return to top

 

 How can I develop my workforce?
The Milwaukee Area Workforce Investment Board (MAWIB) is a coordinating, monitoring and planning organization that facilitates training resources and employment search resources for employers and jobseekers in Milwaukee county by connecting the two interests through partner agencies. Additional resources can be found on our Other Assistance page.

 




                                                             
Website Builder