ThriveOn Small Business Loans

LOAN PRODUCT & TERMS:

• Loan Amount: Maximum loan amount $50,000; Loan amounts vary based on need and capacity to repay.
• Terms: 
• 2% fixed interest
• 20-year term
• No prepayment penalty or fees
• No interest or principal payments for 12 months. Principal and Interest repayment thereafter.
• Repayment: This loan product is not forgivable and requires repayment.
• Use of Proceeds: Working capital and normal operating expenses; refinance of higher cost or burdensome debt obligations resulting in cost savings. Loan can support business stabilization, revenue or staff growth with identified repayment capacity.
• Collateral:
• Loans will be secured by General Business Security Agreement (UCC) designating business assets as collateral, such as machinery and equipment, furniture and fixtures, etc. 
• Personal Owner Guaranty, and 
• If necessary physical (building) collateral.

BORROWER & LOAN ELIGIBILITY:

• Geographic Focus: Small business owners within Milwaukee’s north side neighborhoods of Halyard Park, Harambee, and Brewers Hill, but open to all small business owners in the City of Milwaukee.
• Sector Focus: Early childhood education, restaurant/hospitality, retail and arts & culture, but open to all business sectors.
• Ownership: Focus on Black-and Brown-owned businesses, but business owners of all races and ethnicities and eligible sectors may apply and will be given consideration.
• Physical Location: To preserve and support community business, businesses with a physical address within geographic focus are preferred.
• Business Tenure: Business established and operating prior to 1/1/2020 and currently operating (business has not closed).
• Coronavirus Impact: Documented financial or operational impact due to COVID-19 pandemic.

If you are a Foundation donor interested in granting toward this round of funding, please contact your philanthropic adviser. If you are not yet a Foundation donor, you can give online or contact Andy Ogden to make a contribution.