The Wisconsin Economic Development Corp. (WEDC) invested $100,000 to expand the Hispanic Chamber of Commerce of Wisconsin's revolving loan fund.
Wisconsin Gov. Scott Walker made the announcement at the HCCW's Annual Gala in Milwaukee.
"This co-investment by WEDC in the Hispanic Chamber of Commerce revolving loan fund will leverage other public and private matching funds to assist (business growth) in Wisconsin," Walker said at the gala, according to the Business Journal.
WEDC Communications Manager Tom Thieding said the allocated funds are part of the organization's overall strategy to enhance minority business development and job growth.
"It's really putting the money in the hands of the people that deal directly with the business in those communities," Thieding told HispanicBusiness. "They are the ones putting together the due-diligence of the loan program, monitoring the program and making those decisions."
The HCCW was incorporated in 1972 with a strong focus on the Milwaukee Metro area. The HCCW provides educational and technical resources. It fosters economic exchange between local business and corporate sectors, and promotes a network for political issues, community affairs and opportunities for the Hispanic population.
HCCW President and CEO Maria Monreal-Cameron said the funds will go toward technical assistance to launch the revolving loan fund.
"That's an important part of just trying to establish and run a revolving loan fund," Thieding said, explaining that operating and technical costs are part of the responsibility that go with managing the funding.
"That money needs to come from somewhere, and if they don't have the money to run the program, then there's no money for them to give out," he added.
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