The City of Racine is excited to announce that it is expanding financing options for early-stage microenterprise businesses through the Microenterprise Financial Assistance Program, or “Micro Fund”, in 2020. The Micro Fund provides up to $15,000 in low-interest loans to Racine-based owner-operated businesses with five or fewer employees.
“In 2019, the response to the Micro Fund program showed there was a real need for alternate financing for Racine’s smallest businesses,” said Mayor Cory Mason. “This program begins addressing lending disparities experienced by African-American, Hispanic, and other under-represented business owners, and promises to help Racine entrepreneurs capitalize on regional business opportunities and will help them move to the next level. These businesses are critical to creating vibrant neighborhoods and ensuring economic resilience in our community.”
Five businesses were selected to be the finalist for the City’s first ever micro-fund loan program in 2019. The program received interest from many local businesses, but also from elected leaders from around the state. The five winners include:
- Yogi’s Pud’n
- I Love Tamales
- 2SwiftSuits
- Audreyanna’s
- Valid Kixx
The City of Racine’s Neighborhood Services Division is accepting applications through March 31, 2020. Applications will be reviewed on a competitive basis, based in-part upon the scoring matrix included in the application materials.