WAUKESHA — A $2-million,
revolving-loan fund aimed at helping Waukesha County businesses
should be ready to start processing applications by the end of the
Dubbed the Generating Resources in Waukesha County or GROW Fund, the
account was first established this spring by the Waukesha County
Center for Growth and local lenders.
Town Bank, First Bank Financial Centre, and Johnson Financial Group
were the first banks to sign on to create the fund. BMO Harris Bank
followed in August, offering its support.
The fund is designed to help business expansion and innovative
housing solutions by giving companies access to financial resources
while allowing contributing banks to meet federal lending
guidelines. 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.
Speaking to members of Waukesha’s Redevelopment Authority this week,
Tim Casey, director of economic development for the Waukesha County
Center for Growth, said more than 12 businesses have already
inquired about securing loans through the fund.
“We have more than a dozen interested in funds, and of those 11 are
manufacturers,” he said.
The Milwaukee Economic Development Corporation, better known as MEDC,
will manage the fund, while loan decisions will be guided by a
collaborative committee. The committee is made up of individuals
representing stakeholder interests and who have special expertise
and knowledge of commercial lending, economic development processes
and workforce housing development lending, according to the Waukesha
County Center for Growth.
'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
For more information about the fund visit