Hales Corners, Wis.— First American Capital Corporation (FACC) has been awarded $125,000 in Wisconsin Economic Development Corporation (WEDC) Small Business Development Grant (SBDG) funding to expand access to capital for small businesses across Wisconsin. Historically, FACC funding has focused on Indigenous-owned enterprises located both on and off federally recognized tribal lands. But as a non-profit organization, FACC funds are available to any qualified borrower in WI through the application process.
The SBDG funding will be used to provide equity grants stacked with a FACC loan product to qualifying borrowers, helping small businesses meet owner equity requirements and strengthen their loan applications.
Of the total award:
$100,000 will be allocated to equity grants of up to $5,000 or 10% of approved loans for businesses accessing FACC microloans.
$25,000 will be allocated to grants of up to $10,000 for businesses accessing FACC-administered Small Business Administration 7(a) loans and other larger loan products that require owner equity contributions.
These equity grants can cover up to 10% of the total project costs of approved uses of funds in the loan, offering vital support to entrepreneurs who might otherwise struggle to secure financing. This grant will be awarded individually to qualifying prospective borrowers whose projects could benefit from this grant infusion or to assist in meeting ‘owners’ equity’ requirements.
In addition to financial support, FACC provides pre-loan and loan-readiness training, along with technical assistance for prospective borrowers who can access SBDG-funded grants. This all-inclusive approach helps entrepreneurs start, grow, and sustain their businesses effectively.
“Access to flexible capital and technical assistance is vital for small business growth,” said Gary Mejchar, Co-Executive Director of FACC. “This WEDC funding enables FACC to lower common financial barriers while providing entrepreneurs with the tools and knowledge they need to succeed.”
SBDG-funded grants will be available to eligible businesses across the state, boosting local economies and supporting business ownership in communities that have historically faced limited access to traditional financing.
Philanthropic gifts and awards, such as the SBDG grant, in support of FACC are essential for expanding its reach, deepening its impact, and creating additional opportunities.
FACC, a nonprofit 501(c)(3) organization, invites donors to support its efforts to help clients attain greater financial independence and long-term sustainability. Contributions that qualify as gifts are tax-deductible within legal limits. FACC provides tax-exempt documentation for all charitable donations, allowing donors to give with confidence and transparency.
For more information about FACC loan programs and grant eligibility, visit faccwi.org or contact Gary Mejchar at Gary@firstamericancapitalcorp.org.
