MADISON, Feb. 3, 2012 – The Wisconsin Economic Development Corporation (WEDC) recently made an award of $100,000 to the Hispanic Chamber of Commerce of Wisconsin to establish a Revolving Loan Fund.
Governor Scott Walker said the Hispanic Chamber of Commerce revolving loan fund is a new initiative of WEDC’s as part of the corporation’s strategic plan to develop partnership with minority chambers of commerce to increase the access of capital to Hispanic businesses and entrepreneurs.
“This seed capital in the Hispanic Chamber of Commerce revolving loan fund will leverage other public and private matching funds to assist Hispanic businesses grow in Wisconsin,” said Governor Scott Walker.
“Besides the fact that not enough financial programs are serving minority communities, the management of this fund by the Hispanic Chamber of Commerce can address the cultural and language barriers faced by some Hispanic businesses,” said Paul Jadin, CEO and Secretary of the WEDC.
The Hispanic Chamber of Commerce of Wisconsin creates, expands and diversifies small and Hispanic-owned businesses in Wisconsin with a strong focus in the Milwaukee Metro area.
The Chamber provides educational and technical resources and fosters economic exchange between the business and corporate sectors. It promotes a network for political issues, community affairs and opportunities for the Hispanic population and the community at large.
The Chamber board has established a Loan Review Committee, which will be engaged in raising public and private funding and set forth an operational plan to responsibly run the day-to-day administration of the fund. The Chamber will house the loan program in its Milwaukee office and provide the human resources to responsibly and effectively run the loan funds.
WEDC has in the past supported Revolving Loan Funds for the American Indian Chamber of Commerce and Hmong Chamber of Commerce and is in the process of finalizing the launch of a revolving loan fund for the African American Chamber of Commerce.
Lee Swindall, WEDC VP of Business Industry Development; Governor Scott Walker; Mike Klonsinski, WEDC COO; Maria Monreal-Cameron, President and CEO of Hispanic Chamber of Commerce; Paul Jadin, WEDC CEO/Secretary; David Aragon, Chairman of the Board of Hispanic Chamber of Commerce; Joaquin Altoro, Board of Director and RLF Committee Chair of Hispanic Chamber of Commerce; Seyoum Mengasha, WEDC Minority Business Development. Photo by Cy White