RACINE — The City of Racine is now accepting applications for its new small business Micro-enterprise Revolving Loan Fund.
The Micro Fund program was established to provide up to $15,000 in low-interest loans to early stage, owner-operated Racine-based businesses. The city’s Department of Community Development is accepting applications through Feb. 15.
“Racine’s African-American, Latino, and other minority small-business owners create thriving neighborhoods and regional economic resilience. These talented and intrepid business owners are here now, working toward their goals, day in and day out,” said Mayor Cory Mason. “The Micro Fund begins addressing lending disparities by supporting these crucial businesses as they prepare to capitalize on the business opportunities and growth coming to Racine.”
The Micro Fund is made possible through federal funding from the federal Department of Housing and Urban Development’s Community Development Block Grant program and supports the city’s 2014-2019 comprehensive plan for economic development. In this funding cycle, up to $62,700 has been made available for the Micro Fund.
Among other requirements, eligible businesses must have five or fewer employees, including the owners, and have been in operation a minimum of six months. The Micro Fund complements the existing Small Business Revolving Loan Fund, but targets smaller financing needs and has no job creation requirements. Applications will be scored on a competitive basis.
Additional information and full application materials are available at https://www.cityofracine.org/CDV/RFP/ or at the Department of Community Development offices at City Hall, 730 Washington Ave., Room 102.