State announces $4M available in loans to aid Kenosha businesses
KENOSHA, Wis. - Gov. Tony Evers, with the Wisconsin Economic Development Corporation (WEDC), announced on Wednesday, Sept. 23 a total of $4 million in no-interest microloans to small businesses damaged during the riots in Kenosha.
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Earlier this month, Gov. Evers and the WEDC announced Kenosha small business owners who suffered losses would be eligible for $1 million in Disaster Relief Microloan (DRM) program funds from WEDC. Wednesday’s announcement raises that figure by an additional $3 million for a total of $4 million and increases the maximum loan available to each business from $20,000 to $50,000.
Gov. Tony Evers issued the following statement:
"We know Kenoshans are working to reconstruct and repair in the wake of devastation, and we want to do everything we can to support the Kenosha Comeback. I have seen firsthand the resilience of this community, and we are going to do everything we can to be there as they work to rebuild and move forward together. I am grateful for the good work of the WEDC and Kenosha-area legislators, especially Rep. Tod Ohnstad, for helping to make this happen."
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The WEDC is partnering with the Kenosha Area Business Alliance (KABA) to administer the loans. Affected businesses should contact KABA directly to access the loans and contact WEDC for information regarding other assistance.
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Businesses in the affected areas will be eligible for microloans of up to $50,000 at 0% interest, which will provide them with a short-term source of funds for repair work and operating expenses. The loans can be used for procurement of cleanup and restoration services, operating expenses, temporary space, payroll, and repair and reconstruction work.
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