Brew City Match to launch first round of small business competition
Applications for small business loans, technical support will open June 10
MILWAUKEE- May 30, 2019- Brew City Match, an initiative focused on catalyzing small business growth in neighborhoods surrounding downtown Milwaukee, will begin accepting applications June 10th for small business loans and technical support.
A new website along with additional information about the program will be showcased during a press event June 3rd at 1920 N. Dr. Martin Luther King Drive, beginning at 9:30 a.m. Deadline for the first round of applications is July 10th.
JPMorgan Chase awarded $3.5 million to the Brew City Match collaborative last fall as part of its Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) competition, which helps fuel economic development in underserved communities.
Brew City Match recognizes that small businesses will be a key ingredient to sparking growth in Milwaukee’s neighborhoods and is being led by the Local Initiative Support Corporation (LISC) in partnership with the City of Milwaukee’s Department of City Development, Hmong Wisconsin Chamber of Commerce, Columbia Savings & Loan, MEDC, Wisconsin Women’s Business Initiative Corporation (WWBIC), in addition to MKE United, a Greater Milwaukee Committee initiative.
The program is being launched within the Historic King Drive, North Avenue & Fond du Lac, and Cesar Chavez Drive corridors, providing a mix of loans, grants, and business support to assist small business owners start or expand their businesses.
“Small businesses are going to play an integral role in the revitalization of Milwaukee’s historic commercial corridors,” said Milwaukee Mayor Tom Barrett. “The generous investment from JP Morgan Chase will be leveraged with other private and public sources to help ensure that small businesses in our city are receiving the resources, assistance and financing they need to thrive.”
“There is a vital link between neighborhood conditions and economic opportunity,” said Charlie Corrigan, vice president, philanthropy for JPMorgan Chase. “We’re excited to kick off the Brew City Match competition and see these important Milwaukee neighborhoods take steps toward renewed vibrancy and revitalization.”
“LISC’s leadership and the strength of the Brew City Match partnership is a vital piece of the commercial corridor revitalization of the neighborhoods surrounding the downtown which includes many MKE United Neighborhoods,” stated Julia Taylor, President of the GMC. “Brew City Match helps realize a key goal of MKE United, specifically related to making Milwaukee a destination for diverse and authentic offerings that are representative of our city and building vibrancy in our commercial corridors.”
“The Hmong Wisconsin Chamber of Commerce’s statewide work in providing access to capital has created a sound impact in underserved communities all over Wisconsin,” stated May yer Thao, Executive Director. “With Brew City Match we will be able to provide and leverage a projected $1.35+ million in capital to support businesses for whom capital is otherwise unavailable through traditional lending institutions. We are excited to fund Milwaukee’s next generation of entrepreneurs and small business owners within the Brew City Match footprint.”
“It should not be a secret ingredient rather a key ingredient and with Brew City Match a levening ingredient — business education and one on one business technical assistance,” said WWBIC Executive Director, Wendy Baumann. “We know businesses have greater success and grow faster with this support. WWBIC will be providing this through Brew City Match.”
About LISC: Local Initiatives Support Corporation (LISC) is the recognized leader in neighborhood development. Since 1980, LISC has marshaled over 10 billion dollars from investors, lenders and donors to foster the revitalization of more than urban neighborhoods and rural communities. Since 1995, LISC Milwaukee has invested $143 million in the central city by mobilizing resources for neighborhood revitalization and investing these funds through grants, loans and technical assistance to neighborhood-based community development efforts. More information is available at www.lisc.org or www.lisc.org/milwaukee.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.