New Markets Tax Credit Coalition

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MEDC Revolving Loan Fund

MEDC provides low cost, long-term, subordinate capital to operating businesses in the City of Milwaukee through the its NMTC Revolving Loan Fund product.

Investment

  • NMTC Amount: $250,000
  • Total Project Cost: $610,000

IMPACT

  • 3 FTE jobs
  • 1 construction jobs

Investor

Project Description

MEDC provides low cost, long-term, subordinate capital to operating businesses in the City of Milwaukee through the its NMTC Revolving Loan Fund (RLF) product. We fund fixed asset purchases for land, buildings, and equipment for small to medium-sized businesses (average loan sizein the loan pool is $400,000) experiencing financing gaps. MEDC’s loans address the significant unmet need for capital in Milwaukee where environmental contamination and industrial abandonment has created high levels or poverty and unemployment. It also allows MEDC to provide more flexible underwriting standards that allow for lower interest rates and longer amortization on loans which reduces debt service and allows businesses to have more money for expansion and working capital.Since funding its original NMTC RLF loan pool in 2006, MEDC has partnered with PNC Bank as the Investor, to capitalize three additional Revolving Loan Fund (RLF) pools.

MAP

Address: 1849 North MLK Drive, Milwaukee, WI 53212

Census Tract: 55079186000

PDF Profile

Other Wisconsin Projects

New Markets Tax Credits were used to expand the St. Croix Chippewa Tribe judicial building in Webster. The new judicial center will increase space for a new domestic violence office,

NMTC financing supported the creation of up to 92 jobs, in addition to retaining 156 existing positions.
Construction of community center: The new 20,000-sq. ft. facility houses wellness and health programs; meals and nutrition programs; financial services; creative arts and recreation programs; senior adult day care services;
Vacant, contaminated site transformed into mixed-used development bringing hundreds of jobs to Milwaukee.