hwcc Emergency loan FUND (COVID-19)

for businesses affected by Coronavirus (COVID-19)

The Hmong Wisconsin Chamber of Commerce (HWCC) has announced a new Emergency Loan Fund (COVID-19) in response to the negative impact that Coronavirus (COVID-19) has had on the Wisconsin business community. 

Small businesses all over Wisconsin are being impacted by the Coronavirus and the need for social distancing. Some of the businesses have already started closing their doors or cutting their hours and laying off their employees. We need funds dedicated to supporting these small businesses before it’s too late and they’re forced to close their doors for good. It’s critical that organizations like ours quickly and decisively do what we can to assist our small businesses,”  said HWCC Executive Director, Dr. Herr. 

 

What is the purpose of this Emergency Loan Fund (COVID-19)?

The purpose of the HWCC Emergency Loan Fund is to provide much-needed capital for qualified small businesses that have been affected by Coronavirus (COVID-19).

 

What are the Emergency Loan Funds used for?

 

These funds are primarily used for working capital to cover rent, payroll, and other fixed expenses. This loan fund is similar to HWCC’s existing Revolving Loan Fund (RLF) Small Loan programs but with a slightly lower rate and an interest-only option for the first 3 months. 

 

Emergency Loan fund Information:

​Loans from $5,000 and up to $10,000. For more information about terms and interest rates, please contact HWCC Business Development Coordinator, Yuli Her: Yuli@hmongchamber.org.

Requirements:
 

The applicant must

  • Be an existing business in operations for a minimum of two (2) years.

  • Be located in a low to moderate-income tract or be a minority-owned business located in Wisconsin.

Applicant must also complete and send completed forms below to HWCC Business Development Coordinator, Yuli Her: Yuli@hmongchamber.org via PDF or mailed. Incomplete or missing information will cause a delay in your application review. Photo pictures of the application and required documents are not acceptable. 

  • Must complete HWCC’s application

  • Provide two years most recent tax return, personal and business (2019 and 2018 – If 2019 has not been filed yet then please provide 2018 and 2017)

  • Provide Year-End 2019 financials* if 2019 tax return was not file yet

  • Total Monthly Sales Year to Date for 2020

  • Project Cost Breakdown

  • Provide description on how COVID-19 has impacted your business (Reduced hours, Store shutdown, Non-Essential business…etc.)

  • This is a Business Loan only.  This is not a personal loan.  Articles of Incorporation/Organization will be required.

Ineligibility Businesses:
 

  • Non-profit entity

  • Sale of firearms and related products

  • Sale of alcohol representing more than fifty percent (50%) of Borrower’s gross receipts

  • Gambling, lottery, or related sales

  • Passive real estate

The Application Process

Applications for this Emergency Loan Fund (COVID-19) will be reviewed by HWCC’s Loan Review Committee. The turnover over time from receipt of the application to review and approval is expected to be within five (5) business days.

How to Apply or learn more:

If you’re interested in learning more and applying, please contact HWCC Business Development Coordinator, Yuli Her: Yuli@hmongchamber.org.

Additional business resources:

If businesses require additional funding, please visit www.hmongchamber.org/hwcc-business-loans.

For additional State and Federal business resources, please visit www.hmongchamber.org/covid-19.

If you have any questions or concerns, please call HWCC at (414) 645-8828 or email HWCC at info@hmongchamber.org.

Milwaukee Office

5421 N 118th Ct, Milwaukee, WI 53325 | 414.645.8828

Wausau Satellite Office

1109 N. 6th Street, Wausau, WI 54403 | 715.298.6071

Office Hours: Monday-Friday 9:00 AM-5:00 PM