Associated contributed $25,000 to the African American Chamber of Commerce (AACC) of Greater Milwaukee Revolving Loan Fund Program (RLF). The AACC Board, with seed funding from the Wisconsin Economic Development Corporation (WEDC), has established a revolving loan fund to make capital accessible and provide quality technical assistance to the African American business community.
WEDC provided $100,000 seed money to the RLF that will be leveraged into a matching fund to help start the RLF Program with an initial total of $200,000 in capital. With Associated’s $25,000 donation, the RLF will be able to support eight start-up or expansion businesses to create positive and proactive business climate that will energize the local economic capability to create or retain up to 15 to 20 jobs, generate tax revenues and buildup wealth.
“The African American Chamber of Commerce and Board of Directors are thrilled about Associated Bank’s leadership in empowering communities of color by supporting the establishment of Revolving Loan Fund services in our chamber,” said Dr. Eve M. Hall, president and CEO of the African American Chamber of Commerce. “This partnership will enable us to assist our business owners in securing loans critical to their growth and sustainability. The strength of African American-owned businesses means increased employment and educational opportunities for the citizens of this city and state.”
The AACC will put policies, procedures and technical assistance in place so the loan fund becomes a self-sustaining operation that revolves many times for the benefit of our community. The organization will also build the program’s technical assistance capacity to provide pre-loan and post-loan technical and administrative support to loan applicants and borrowers.
“Since its inception, Associated has had a rich tradition of providing superior financial services to the communities in which we do business,” said Nate Goudreau, Associated community reinvestment act director. “Our hope is that through this program, we will continue to foster stronger, more stable communities that will ultimately lead to a more positive future for us all.”
The AACC-RLF is the first of such funds focused on serving the African American business community in Wisconsin.
Associated bank is proud to partner with the AACC to support economic growth and thereby grow the number of viable minority businesses that will be available to compete in the Wisconsin market.