Small business growth helps elevate communities and keep them thriving. Thanks to a recent investment that the Greater Milwaukee Foundation attracted from the Wisconsin Economic Development Corporation and gifts from Foundation donors, 16 small businesses in metro Milwaukee are receiving critical funding to help build their capacity and strengthen their future.
The Foundation received a $300,000 matching grant from WEDC’s Capital Catalyst Program last fall to focus on emerging growth businesses through its ThriveOn Small Business Loan Program. Foundation donors provided generous matching funds, and additional assets were allocated by the Foundation’s Board to amplify the impact. A total of $800,000 was disbursed to businesses ranging from an asphalt contractor to an herbal apothecary. Each business received a $50,000 loan.
“When we invest together in our region’s small business sector, we create opportunities for economic mobility,” said Greg Wesley, Foundation president and CEO. “As local businesses thrive, so do we all.”
Margaret Henningsen was among the Foundation donors who contributed to the program, viewing its mission as in sync with that of her donor advised fund, the Legacy Foundation. The fund was created when Legacy Bank, which she helped create with two other Black women, closed in 2011. Like the bank, the Legacy Foundation fund has focused primarily on supporting economic development.
“Being able to contribute to a large collective pool of funds leads to greater impact at the end of day,” Henningsen said. “When donors help fund these small businesses, it helps Milwaukee grow. That is what the ThriveOn Small Business Loan program is all about.”
In addition to featuring a below-market 2 percent interest rate, the ThriveOn Small Business Loans Program provides recipients with access to technical support to improve business operations in areas such as accounting and technology. With its investments, the Foundation also helps open the door for these businesses to access other traditional capital sources.