MADISON (WKOW) -- The Wisconsin Economic Development Corporation is preparing to issue up to $1 million in zero-interest loans to Kenosha businesses affected by the recent unrest the city has weathered in the wake of police shooting Jacob Blake.
The loan program was announced in a press release from Gov. Tony Evers Tuesday.
"These funds will provide immediate aid to the businesses that suffered losses over the past week and serve as a first step toward rebuilding and healing the divisions that have caused so much fear, pain, and devastation," Evers said.
Each affected business will be eligible to receive up to $20,000 under the no-interest Disaster Recovery Microloan Program, the release said.
The Kenosha Area Business Alliance (KABA) will administer the program. Affected businesses should contact KABA to apply for the loan assistance.
WEDC awards grants throught the microloan program to regional partners like KABA who then issue the loans.
"We will continue to leverage our resources and partnerships in our efforts to assure economic well-being for all the citizens of Kenosha and Wisconsin," said Missy Hughes, WEDC's secretary and CEO.
The loans have a two-year repayment period, with the first payment deferred for at least six months, the release said. The funds are intended to cover repair work and operating expenses.
Many Kenosha properties were damaged in the rioting and vandalism theat gripped Kenosha for several nights last week. Some businesses even burned.
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State to give no-interest loans to Kenosha businesses affected by unrest - WKOW
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