Frequently Asked Questions
How can we help you?
MEDC helps small and medium-sized businesses throughout the Milwaukee 7 region access the financing to make their projects a reality. Here are answers to some questions about what we do and how we may be able to help your business. If you have specific questions for us, don't hesitate to reach out and a MEDC relationship manager will get back to you.
MEDC loan client Fred's Custard, located on Vliet St. in Milwaukee.
What kind of loans do you offer?
MEDC makes loans in partnership with banks, credit unions, and other loan fund programs to help finance the purchase and renovation of buildings, new construction, and equipment. Interest rates on MEDC loans are below market, and we generally subordinate our collateral position to the participating bank.
Do you have grants?
MEDC does not offer grants, however, the City of Milwaukee Department of City Development (DCD) does provide targeted matching grants for commercial revitalization projects, including retail development, signage, facade improvement, and more for businesses within Milwaukee.
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 on the Milwaukee 7 Regional website. The site allows you to search by location, size and use. Available properties are also found here. In addition, The City of Milwaukee DCD maintains a list of available city-owned sites and sites for brownfield redevelopment.
I need a loan for my business. How do I get started?
First, have a business plan that includes three years of financial projections. If your business is existing, include the past three years of financial history. There are a variety of classes and programs available to assist you in preparing your plan, some of which can be found here. Your business plan should also have solid knowledge of the market being entered, and you 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 prior to talking with a lender.
If you're starting a new business, it's helpful to have a secondary source of income and resources, in the event the business cannot initially pay you a salary.
There are many community resources to help. Explore BizStarts, do your own research, and be open to ideas on how to run a business. Templates and assistance in business plan preparation are also available through these U.S. Small Business Administration programs: SBDC and SCORE.
What other financing options are there?
Here are a number of resources to explore:
How can I develop my workforce?
The Milwaukee Area Workforce Investment Board facilitates training and employment search resources for employers and jobseekers in Milwaukee County by connecting the two interests through partner agencies.