Associated Supports the Hispanic Chamber of Commerce of Wisconsin - Revolving Loan Fund Program
MILWAUKEE - Aug. 9, 2012 - Associated contributed $25,000 to the development of the Hispanic Chamber of Commerce Wisconsin (HCCW) Revolving Loan Fund Program (RLF) in its early stages. The HCCW and the Wisconsin Economic Development Corporation (WEDC) have established a revolving loan fund now under development in order to make capital accessible and provide quality technical assistance to the high-growth Hispanic business community where there is substantial RLF market demand.
WEDC provided $100,000 seed money to the RLF that will be leveraged into a matching fund to help start the RLF Program with an initial total of $200,000 in capital. With Associated's $25,000 donation and ongoing assistance, the RLF will be able to support the start-up or expansion of Hispanic small businesses. This serves to advance the positive and proactive Wisconsin business climate to energize the local economy and its ability to create or retain jobs, generate State and local tax revenues and build wealth.
"At Associated we believe our communities are better places to live and work as a result of the combined efforts of individuals and businesses working together to reach their full potential," said Nate Goudreau, Associated community reinvestment act director. "We are confident that our partnership with the Hispanic Chamber of Wisconsin will be a success."
The program is designed to expand the availability of capital to underserved populations and in particular the Hispanic communities in Wisconsin and to reduce the above average unemployment rate in the minority community. Associated Bank, WEDC, and the HCCW remain focused on minority business development given the firms in this sector are most likely to employ the qualified and underutilized human resources that are abundant in Wisconsin's central cities to the benefit of the entire State economy.
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."
Although there are other community based micro lenders throughout Wisconsin, a revolving loan fund by a Hispanic group will be the first of its kind.
Associated bank is proud to partner with the HCCW and the WEDC to support economic growth and thereby grow the number of viable minority businesses that compete in the Wisconsin market.
About Associated Banc-Corp
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $22 billion and is one of the top 50 financial services holding companies operating in the United States. Headquartered in Green Bay, Wis., Associated has more than 250 banking locations serving more than 150 communities throughout Wisconsin, Illinois and Minnesota. The company offers a full range of banking services and other financial products and services. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
About The Hispanic Chamber of Commerce of Wisconsin
The Hispanic Chamber of Commerce of Wisconsin, Inc. aka HCCW was incorporate in 1971 as a 501 © (3), non-profit business organization. The HCCW creates, expand and diversifies small and Hispanic-owned businesses in Wisconsin with a strong focus in the Milwaukee Metro area. The HCCW provides educational and technical resources; and fosters economic exchange between the business and corporate sectors. It promotes a network for political issues, community affairs, and opportunities for the Hispanic population and the community at large.
About the Wisconsin Economic Development Corporation
As the State's lead economic development organization, the Wisconsin Economic Development Corporation nurtures business growth and job creation in Wisconsin by providing leadership, bold thinking and creative investment strategies. Learn more at www.WEDC.org.
Contact: Nicole Koremenos
Public Relations Specialist