Associated contributed $50,000 to the African American Chamber of Commerce (AACW) of Greater Milwaukee Revolving Loan Fund Program (RLF) and Hispanic Chamber of Wisconsin (HCCW) Revolving Loan Fund Program. The AACC and HCCW Boards, with seed funding from the Wisconsin Economic Development Corporation (WEDC), have established a revolving loan fund to make capital accessible and provide quality technical assistance to the African American and Hispanic Business Community.
"Since its inception, Associated has had a rich tradition of providing superior financial services to the communities in which we do business," said Nate Goudreau, Associated Community Reinvestment Act Director. "Our hope is that through this program, we will continue to foster stronger, more stable communities that will ultimately lead to a more positive future for us all."
WEDC provided $100,000 in seed money to the RLFs that will be leveraged into a matching fund to help start the RLF Programs with an initial total of $200,000 in capital. With Associated's $50,000 donation, each RLF will be able to support eight start-up or expansion businesses to create positive and proactive business climate that will energize the local economic capability to create or retain up to 15 to 20 jobs, generate tax revenues and buildup wealth.
"The African American Chamber of Commerce and Board of Directors are thrilled about Associated Bank's leadership in empowering communities of color by supporting the establishment of Revolving Loan Fund services in our chamber," said Dr. Eve M. Hall, president and CEO of the African American Chamber of Commerce. "This partnership will enable us to assist our business owners in securing loans critical to their growth and sustainability. The strength of African American-owned businesses means increased employment and educational opportunities for the citizens of this city and state."
The HCCW's new generation economic growth and development activities are led by Maria Monreal Cameron who serves as president and chief executive officer of the Chamber. "Gracias for the trust and confidence you have placed in the HCCW to deploy a revolving loan fund that will help to meet the significant access to capital needs of Wisconsin's high-growth Hispanic business sector. We will be a partner that helps to create a conducive business climate making Wisconsin a place of choice for minority business."
Associated bank is proud to partner with the AACC and HCCW to support economic growth and thereby grow the number of viable minority businesses that will be available to compete in the Wisconsin market.