Loan Program Supports Racine’s Small Businesses

The U.S. Economic Development Administration (EDA) has provided the Racine County Economic Development Corporation (RCEDC) a grant of $3.6 million to establish a funding program called the Zero Loan Program. This grant was part of the CARES Act package and was awarded to the RCEDC with the sole purpose of helping Racine’s small businesses to continue investing, and creating/retaining jobs.

With the grant money, the RCEDC will provide the necessary funding to small businesses that were terribly affected by COVID-19. Their goal is to keep workers employed, stabilize businesses, and strengthen our economy. 

An example of what the loan program can do for you:

“Darius Szczekocki, president of Racine Heat Treating Co (Hestia Heat Treat), will use $100,000 from RCEDC’s new Zero Loan Program to purchase new equipment to seek more work with the automotive industry clients.”

“‘That new equipment means the company can bring back about two workers furloughed during the pandemic, and eventually could hire more,’ Szczekocki said.”

Original Story via: Sean Riley, Milwaukee Business Journal (https://rcedc.org/zero-loan-program-assists-hestia-heat-treat/)

Click below for more information:

https://rcedc.org/bgs/