HWCC Announces an Emergency Loan Fund (COVID-19) for Wisconsin Businesses Affected by Coronavirus (C

Milwaukee, Wis., March 20, 2020 – 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 Amount:

Loans from $5,000 and up to $10,000. For more information about terms and interest rates, please contact HWCC Operations Manager, Ger Thao: ger@hmongchamber.org.

Requirements:

The applicant must:

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

- Must complete HWCC’s application

- Provide at least two years of Tax Returns (personal and business)

- Year End Financials (or Year to Date Financials for 2019 requested, but not required

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

Ineligible 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

Application Process:

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

If you’re interested in learning more and applying, please contact HWCC Operations Manager, Ger Thao: ger@hmongchamber.org.

Additional Business Resources:

If businesses require additional funding, please visit www.hmongchamber.org/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.

###

About the Hmong Wisconsin Chamber of Commerce: The Hmong Wisconsin Chamber of Commerce (HWCC) is a Community Development Financial Institution that provides economic development assistance in business planning and operations. HWCC acts as an advocate for Wisconsin’s Asian American communities and entrepreneurs as well as low-income and disadvantaged communities regarding business and economic issues. For more information visit www.HmongChamber.org.

Featured Posts
Recent Posts
Archive
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Milwaukee Office

5421 N 118th Ct, Milwaukee, WI 53225 | 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