Milwaukee Downtown Business Development Loan Pool Program Announced
The Program will help revitalization efforts, increase capital investments and provide support for new and existing businesses in Business Improvement District (BID) No. 21.
Milwaukee (May 7, 2015) – First Bank Financial Centre (FBFC), a full-service, community bank that has served southeastern Wisconsin since 1859, is pleased to announce the launch of a loan pool program in downtown Milwaukee to aid in economic development.
The Business Development Loan Pool Program can be used as a primary loan, and is also available to be used in conjunction with other loans and financing to aid in project completion. Interest rates are typically fixed at 1.00% with a 10-year amortization, and each loan is evaluated separately on collateral, risk and terms. Loans are generally not less than $10,000 or more than $25,000.
The Program will help revitalization efforts, increase capital investments and provide support for new and existing businesses in Business Improvement District (BID) No. 21. The fund was established through a commitment from First Bank Financial Centre and Milwaukee Downtown, BID No. 21. These organizations have partnered together to promote business, jobs and tax base growth in downtown Milwaukee.
According to Nate Zastrow, EVP and CFO of First Bank Financial Centre, “It’s important to us to support our local communities. As we enter Milwaukee with our new office later this summer, we wanted to make a financial commitment to assist with growth in the downtown area. The loan pool program has been successful in seven other communities in the region, and we’re excited to see that same success in Milwaukee.”
Funds from the Milwaukee Downtown Business Development Loan Pool may be used to finance the following eligible expenses:
- Acquisition of land/building
- Building improvements/construction
- Equipment purchases
- Environmental or safety compliance
- Matching funds for other economic development programs
“So often economic development programs focus heavily on new development,” said Dorner. “However, in this instance, the Loan Pool Program encompasses new construction, as well as emphasizing investment in existing first floor commercial space throughout our downtown corridors.”
Zastrow said the bank is excited to partner with Milwaukee Downtown, saying “We’re Wisconsin’s number one SBA Lender and have provided financing to so many area businesses. Having a great partner in Milwaukee allows us to help more business owners enjoy success and achieve their goals. It’s what community banking is all about.”
Those interested in applying for a loan through the Milwaukee Downtown Business Development Loan Pool should contact Matt Dorner at (414) 220-4700 ext. 4 or firstname.lastname@example.org. Loan applications are also available at the Milwaukee Downtown BID No. 21 office or on their website at www.milwaukeedowntown.com/doing-business.
Headquartered in Oconomowoc, First Bank Financial Centre (FBFC) is a full-service community bank focused on meeting the financial needs of local businesses and individuals. The bank has served southeastern Wisconsin since 1859 and has 13 full-service branch locations and two loan offices covering Waukesha, Ozaukee, Washington, Milwaukee and Dane counties. The bank’s executive team and its 250-plus employees are committed to contributing to the success and vitality of the communities they serve.
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