Milwaukee Economic Development Corporation receives $750,000 federal grant

The Milwaukee Economic Development Corporation has been awarded a $750,000 grant by the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. The grant announcement was made October 2 in Milwaukee by Donna J. Gambrell, CDFI Fund director.

MEDC will use the grant to establish a revolving loan fund available to employers located in financially-distressed areas of Milwaukee. The fund will offer subordinate financing on favorable terms, particularly targeted to firms that offer employment opportunities to Milwaukee residents. The fund will complement other MEDC lending products, and support business growth in the parts of Milwaukee where jobs are most needed.

MEDC was certified as a Community Development Financial Institution in 2008. MEDC’s CDFI status gives it access to new sources of grants and equity investments to grow its capital base.

Two other Milwaukee lending institutions, North Milwaukee State Bank and Legacy Bank, also received CDFI Fund grants in October.