WAUKESHA — To encourage economic
development in Waukesha County, the Generating Resources and
Opportunity in Waukesha County Fund has been created by the Waukesha
County Center for Growth.
The fund will support business expansion and innovative housing
solutions by giving businesses access to financial resources while
allowing contributing banks to meet federal lending guidelines.
The GROW Fund has three founding members, Town Bank, First Bank
Financial Centre, and Johnson Financial Group, that all contributed
to create the initial $2 million fund. The Milwaukee Economic
Development Corporation will manage the fund.
“This shows what can happen when public and private partners work
together to spark economic development,” said Waukesha County
Executive Paul Farrow in a statement. “This tool will enhance the
Waukesha County Center for Growth’s ability to connect businesses
with the resources they need to grow.”
The GROW Fund is a revolving loan fund with two core purposes — the
first is to support businesses with the capital they need to grow,
and the second is to develop residential housing to meet workforce
needs, according to the announcement. The fund also provides federal
Community Reinvestment Act credits to banks that contribute to the
fund, to help meet community credit needs for economic development.
“The GROW Fund is unique because it’s designed to increase
affordable housing options in Waukesha County while encouraging
banks to invest in the community,” said Nate Zastrow, executive vice
president and CFO of First Bank Financial Centre, in a statement.
Businesses that want to access the GROW Fund should contact the
Waukesha County Center for Growth. For more information, visit