City of Kenosha Forgivable Loan Program Seeks Applicants | Local News
The Wisconsin Women’s Business Initiative Corporation will soon launch a second round of Kenosha’s repayable loan program for businesses in the city impacted by the COVID-19 pandemic.
WWBIC, an economic development corporation, has eight loans of up to $15,000 that can be spread over 12 months for eligible small businesses.
The funds were made available to the city by the U.S. Department of Housing and Urban Development under the federal CARES Act.
WWBIC will handle the application, underwriting and distribution of funds, as well as business coaching and mentoring opportunities. Both women and men are eligible.
Loans are forgivable for low-income business owners who meet job creation and retention requirements and remain operational after one year of receiving funds.
The funds will be directed to micro and small businesses (20 employees or less) located in the city that retain or create at least one job for a low to moderate income person or micro business owners with household income below 80% of Kenosha County area median.
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Job creation can also occur by rehiring or bringing back to work an employee who has been laid off.
Each business owner must be in good standing with the State of Wisconsin, be current on city property taxes, have a minimum credit score of 580, and provide 2019 tax returns and a profit and loss statement from 2020 until December 31, 2020.
Additional information is available at bit.ly/kenoshaforgivableloan22.
Start-ups and non-profit organizations are not eligible. There are no fees associated with this loan program.
The application will be available on Monday, January 31 at noon. All applications will be reviewed and time-stamped in the order they are received and will be given equal consideration. Applications will be accepted until noon on February 7.
“We are still in the process of recovering from the pandemic. We know many business owners have been greatly affected. The recovery process is going to take some time,” said Heather Lux, senior project manager.
“It looks like an initial loan, however, if they comply with being a low income micro business owner or job creation, it is forgiven. It turns into a grant. »
WWBIC is a statewide economic development corporation that has served small business owners since 1987.