When one door closes, another one opens.
That’s the case with the story of the Legacy Foundation. Following the closure of Legacy Bank in 2011, its board of directors created a donor advised fund at the Greater Milwaukee Foundation as a way of continuing the philosophy and creating a legacy for the minority-owned community bank, whose mission was to make Milwaukee a better place for entrepreneurs and small businesses.
Its founders believe the success of any community is driven by economic empowerment and wealth creation.
“Small businesses are the lifeline in most cities, particularly in communities of color,” said Margaret Henningsen, Legacy Foundation fund adviser and one of the three Black women who founded the bank in 1999. “Small business growth is how you change communities and keep them thriving."
The goal was to raise $7.5 million in start-up capital to create the institution, once located at 2102 W. Fond du Lac Avenue, to create access to capital for businesses owned by women and people of color. It was the first African American, women-owned bank in Wisconsin.
“We did a lot of things that nobody else had tried,” Henningsen said about Legacy Bank. “It’s hard for you to go anywhere in Milwaukee or the surrounding areas and not see Legacy Bank’s footprint somewhere.”
When Henningsen, Dee Sims and Jeanette Mitchell started their Foundation fund, Henningsen said it was natural for them to continue the bank’s mission of being a catalyst for increasing entrepreneurship in Milwaukee, building an economic infrastructure that develops a culture of self-sufficiency and wealth.
Its mission meets a need that continues to exist in Milwaukee. Lack of capital is one of the main barriers to entrepreneurship and fewer community banks remain to invest in bringing entrepreneurial ideas to fruition. According to a 2024 report by the University of Wisconsin Extension, though minority-owned businesses have grown over the past few decades, Wisconsin ranks 50th for the rate of business ownership among minorities.
The fund has focused on filling that gap and fortifying Milwaukee’s small business climate. Twenty-five grants from the fund - totaling nearly $400,000 - have supported organizations such as the African American Chamber of Commerce and the Foundation’s ThriveOn Small Business Loan Program. Like the bank, the Legacy Foundation fund has focused primarily on supporting economic development.
Though two of the fund advisers – Sims and Mitchell – passed away in 2024, the fund’s remaining advisers have a succession plan so the impact of the Legacy Fund and the legacy of Legacy Bank can continue for generations. Three new members – all related to original fund advisers – have since joined and are contributing to its mission.
To donate to the Legacy Foundation fund to support its work, visit our donation portal.
update July 2025