For More Information:
Jeff McCarthy, 262-560-2196
Milwaukee Downtown Business Development
Loan Pool Program Announced
Milwaukee (May 7, 2015) – First Bank Financial Centre (FBFC), a full-service, community bank that has served southeastern Wisconsin since 1859, is pleased to announce the launch of a loan pool program in downtown Milwaukee to aid in economic development.
The Business Development Loan Pool Program can be used as a primary loan, and is also available to be used in conjunction with other loans and financing to aid in project completion. Interest rates are typically fixed at 1.00% with a 10-year amortization, and each loan is evaluated separately on collateral, risk and terms. Loans are generally not less than $10,000 or more than $25,000.
The Program will help revitalization efforts, increase capital investments and provide support for new and existing businesses in Business Improvement District (BID) No. 21. The fund was established through a commitment from First Bank Financial Centre and Milwaukee Downtown, BID No. 21. These organizations have partnered together to promote business, jobs and tax base growth in downtown Milwaukee.
“We’re excited to partner with First Bank Financial Centre in bringing this new economic development tool to downtown Milwaukee,” said Matt Dorner, Economic Development Director of Milwaukee Downtown, BID No. 21. “With interest rates as low as 1.00%, the loan pool creates a new source of capital to support downtown property owners and businesses in our ongoing commercial revitalization efforts.”
According to Nate Zastrow, EVP and CFO of First Bank Financial Centre, “It’s important to us to support our local communities. As we enter Milwaukee with our new office later this summer, we wanted to make a financial commitment to assist with growth in the downtown area. The loan pool
program has been successful in seven other communities in the region, and we’re excited to see that same success in Milwaukee.”