MILWAUKEE – Latino Chamber of Commerce of Southeastern Wisconsin today announced the creation of the Latino Community Revolving Loan Fund to address the financial needs of small businesses in the Latino community. The Latino Chamber of Commerce turned to community advocates and partners North Shore Bank, Milwaukee Economic Development Corporation, and Wisconsin Economic Development Corporation to help champion the program and underwrite loans. North Shore Bank is contributing to the funding of the program and providing underwriting support.
“It is our mission to strengthen and empower the growth of Latino individuals and businesses within Southeastern Wisconsin, which is why we turned to our community partners to join us in advocating for that success through this revolving loan fund,” said Nelson Soler, president and CEO of Latino Chamber of Commerce of Southeastern Wisconsin. “We look forward to seeing our neighboring businesses prosper from this immense support.”
A revolving loan fund provides financial support and loan access to small businesses looking to grow or expand but that otherwise may not qualify for commercial loans. The fund is revolving or self-replenishing in that the interest and principal payments from the loans in place are then used to issue new loans.
Small businesses that are members of the Latino Chamber of Commerce of Southeastern Wisconsin can apply by going to https://latinochambersew.org/. A lending committee, which is made up of contributing partners, will determine approvals and needs.
“Our commitment to the Latino community in Southeastern Wisconsin has been a crucial part of our business for decades,” said Margaret Capper, senior vice president of Commercial Banking for North Shore Bank. “We support our neighbors directly through financial education and lending support, and we’re also thrilled to be expanding our partnership with the Latino Chamber of Commerce to provide this support to empower and uplift small businesses in the Latino community.”
About Latino Chamber of Commerce
Latino Chamber of Commerce of Southeastern Wisconsin has a mission to foster the economic development of Wisconsin by advocating, strengthening and promoting the growth and development of Latino and other minority and emerging enterprises with the goals of providing increased access to capital, business opportunities, job creation and capacity building programs. For more information, visit https://latinochambersew.org/.
About North Shore Bank
North Shore Bank, headquartered in Brookfield, is a mutual savings bank and has assets of over $2.5 billion and 45 offices throughout eastern Wisconsin and northern Illinois. Wisconsin locations are in metro Milwaukee, Germantown, Ozaukee County, Racine, Kenosha, Appleton, Menasha, Green Bay and surrounding areas, Burlington, Union Grove, Muskego, and Door County. Locate a North Shore Bank office. You can also connect with the bank on LinkedIn, Facebook, Twitter, Pinterest, and Instagram.