A no-interest microloan program set up by the Wisconsin Economic Development Corporation has announced the first 10 businesses, including seven in the Madison area, getting loans to help recover from the disastrous flooding in August and September.
WEDC is working with the Madison Region Economic Partnership to distribute $150,000 in loans in this area and in central Wisconsin, officials said at a news conference Thursday.
Madison Mayor Paul Soglin, Middleton Mayor Gurdip Brar and other officials were at Standard Imaging in Middleton to announce the first round of loans.
“It was fortuitous that WEDC planned for this program so it could be readily available to Wisconsin businesses after this summer’s severe weather events,” said MadREP President Paul Jadin.
“We are acutely aware of the devastating damage that was sustained by many businesses across southern and central Wisconsin this past summer,” said WEDC CEO and Secretary Mark Hogan.
“The purpose of this loan program is to help these businesses to recover and get back on track, so they are positioned for greater growth and success in the future,” Hogan said.
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WEDC gave a $755,000 grant to MadREP in October to provide no-interest loans to small businesses impacted by the flooding, so the businesses had a short-term source of funding for repair work and operating expenses, until more long-term recovery funding could be secured.
The loans have a two-year repayment period, with payments deferred for at least six months.
The 10 area businesses receiving $15,000 loans in the first round of the disaster recovery microloan program include:
- Blue Lake Community, Oxford
- Cardin Adult Family and Foster Home, Mount Horeb
- Clubhouse for Kids, Middleton
- The Haven Spa, Madison
- Jots Food Mart, Madison
- KEVA Sports, Middleton
- KLER LLC, Middleton
- Radio Plus Inc., Fond du Lac
- Shirley’s Barbershop, Montello
- Standard Imaging, Middleton
Loan applications were accepted from businesses in the MadREP region, including Dane, Rock, Sauk, Dodge, Iowa, Columbia, Jefferson and Green counties, as well as adjacent counties.
WEDC has $2 million in the microloan program, and the loans are available to businesses in all 72 Wisconsin counties. More info is online at www.wedc.org/disasterrecovery.