MKE B.O.S.S. Initiative Launches in February

Three Milwaukee CDFIs are joining forces to deploy the Milwaukee Small Business Continuum of Capital project, known as MKE B.O.S.S. (Build Operate Scale and Sustain) on Friday, February 16th.

Self-Help Federal Credit Union (SHFCU) is the lead grantee of the initiative funded by JPMorgan Chase & Co. The Northwest Side Community Development Corporation (NWSCDC) and Wisconsin Women’s Business Initiative Corporation (WWBIC) are partnering with Self-Help to provide a continuum of support to Black and Brown small business owners in Milwaukee as part of MKE B.O.S.S.

“We are excited to move forward and announce this project to the community,” says Pamela L. Bell, Milwaukee City Executive, SHFCU. “We are eager to see the economic development and increased opportunities this Collaborative will create for Black and Brown business owners.”

“Small business growth is key to unlocking economic opportunity for more people throughout Milwaukee,” said Phylicia Manley, Global Philanthropy Program Officer for JPMorgan Chase. “At JPMorgan Chase, we are thrilled to see business, non-profits, and community partners come together to help minority entrepreneurs get a fair shot at achieving their dreams.”

“Milwaukee entrepreneurs of color can access a range of services through the MKE Boss platform,” said Willie Smith, Executive Director of NWSCDC. “All three partners provide small business loans, but we also have substantial resources to assist with business planning. We’re here to help you articulate your vision and take the steps needed to achieve it.”

Racial desegregation has occurred in many metropolitan areas of the U.S. since the 1980s, but Milwaukee remains the nation’s most segregated metro area. Recognizing this problem, the overarching goal of the project is to cultivate a more equitable, accessible and synergistic ecosystem for Black and Brown small business owners in Milwaukee – informing and equipping them with the resources relevant in operating, growing, and sustaining their businesses.

The initial focus of the effort is to launch and fully integrate the platform, designed by social impact consultancy DC Design and their development partner, Volt Studios, into the operations of the lead partners. “It’s been an incredible journey working alongside the community and these committed CDFIs to develop a truly game-changing platform,” says DC Design CEO, Durell Coleman.

The capital needs of aspiring entrepreneurs will also be addressed through this project. WWBIC will focus on serving borrowers with loans in the $1,000 to $350,000 range; NWSCDC in the $250,000 to $1 million range, and SHFCU as the option for loans over $1 million. Additional cross-referrals may be needed to address the technical assistance needs of borrowers depending on the type and timing of support needed and/or the sector in which they operate.

“This will be a game changer not only from a partner collaboration perspective, but truly enhancing how referral services are provided to our entrepreneurs of color,” said Kamaljit Jackson, Ph.D., WWBIC Vice President of Programs and Operations. “Special shout out to JPMorgan Chase for their funding commitment and allowing the collaborative to showcase how partners can truly come together and achieve a level-playing field of resources and support for our entrepreneurs of color.”

About Self-Help Federal Credit Union

Self-Help Federal Credit Union serves over 100,000 members through 38 branches located in Wisconsin, Illinois, California, and Washington. The credit union entered the Milwaukee market in 2017 through a merger with Seaway National Bank, which had operated as the largest Black-owned bank in the Midwest for over a decade. Self-Help is one of the fastest-growing community development-designated financial institutions in the country. It is part of the Self-Help family of nonprofit organizations whose collective mission is to create and protect ownership and economic opportunity for all. For more than 43 years, the national Center for Community Self-Help and its affiliates have provided over $11 billion in loans to more than 160,000 borrowers, with 82% serving low-wealth families and 67% reaching people of color. This includes nearly $1.7 billion in commercial lending to 7,116 borrowers, which has helped create or maintain 58,865 jobs and 90,264 school and childcare spaces. To learn more about Self-Help Federal Credit Union visit: self-helpfcu.org

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $328 billion in stockholders’ equity as of December 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About NWSCDC

Northwest Side Community Development Corporation (NWSCDC) has been advancing community and economic development projects in Milwaukee since 1983, celebrating 40 years in 2023. NWSCDC collaborates with businesses and neighbors to build stronger neighborhoods, create economic growth and encourage urban environmental improvements.

As a Certified Community Development Financial Institution (CDFI), NWSCDC makes small business and commercial real estate loans to support entrepreneurs who are investing in Milwaukee and growing jobs. Since the year 2000 we have deployed over $25 million in Milwaukee’s northwest side, supporting minority-owned businesses and catalytic projects in real estate, manufacturing, retail, restaurants, health care, childcare, and more. We work to make financing and technical assistance to be flexible and accessible for our partners. Our holistic strategy of business support includes intensive pre-loan development services and ongoing support through the financing period. To learn more about NWSCDC visit Wisconsin Women’s Business Initiative Corporation (WWBIC) is a leading statewide innovative economic development corporation that is “Putting Dreams to Work” by assisting micro enterprise & small businesses. They are AERIS rated and are one of Wisconsin’s first Community Development Financial Institutions (CDFI). WWBIC’s primary focus is on women, people of color, lower-wealth individuals, and veterans and military connected families. They open doors of opportunity by providing direct lending and access to fair and responsible capital, quality business training, one-on-one technical business assistance and coaching to increase financial wellness.

WWBIC has fiercely championed their mission by operating in five Wisconsin regions to offer services statewide, channeling its activities through three primary lines of business: small business lending (ranging from $1,000 to $350,000); technical assistance/coaching; and entrepreneurship and financial wellness training. Since 1987, WWBIC has served 72,709 individuals and loaned $107 million to small business owners. Their technical and capital support has created or retained 18,027 jobs with 9,009 businesses started, strengthened, or expanded. To learn more about WWBIC visit: www.wwbic.com.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.

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