The Milwaukee County Revolving Loan Program (MCRLP) is designed to provide a low-interest, short term, working capitol loan for labor, material cost and equipment. This loan is available to firms that are certified through the Wisconsin Unified Certification Program (UCP) as a Disadvantaged Business Enterprise (DBE) or Airport Concession Disadvantaged Business Enterprise (ACDBE) and have been awarded a contract or purchase order by Milwaukee County, or a subcontractor to a firm that has been awarded a contract or purchase order on a Milwaukee County project.
Eligibility Activities-Working capital for labor, material cost and equipment.
Interest Rates-Under the MCRLP, the borrower will pay an interest rate of four (4%). The County reserves the right to modify the interest rate at any time upon written request.
Terms-Not to exceed the term of the County contract, excluding authorized renewals and extensions.
Collateral-The County will seek the best collateral position possible to ensure that all Milwaukee County Revolving Loans are adequately secured.
Repayment-All payments schedules coincide with payment of the County contract to ensure full payment prior to, or upon completion of the contract. The participant must agree to a two-party system, which will ensure prompt and timely repayment of loan.
Guarantees-Personal guarantees are required. Sign "General Security Agreement and a Certificate of General Loan Fund Usage."
Funding Availability-Loans may be disbursed from a minimum of $7,500.00 to a maximum $30,000.00 and shall be dependent on available funds on MCRLP Fund Account.
Other Factors-Borrower must maintain all governments permits, authorizations, insurances, consents or licenses necessary to conduct business. Must correct all violations within specified time frame given by government or regulatory agency.
Application Process-Complete application form and submit a list of supporting documents.
Loan Defaults-Referred to Corporation Counsel for collections.
For further information, contact Tru Mwololo via e-mail at Truphosa.Mwololo@Milwaukeecountywi.gov, or telephone at (414) 278-5037.
Community Business Development Partners
633 W. Wisconsin Avenue, Suite 902
Milwaukee, WI 53203
(414) 278-4747 Office
(414) 223-1958 Fax