Northwestern Mutual is investing a total of $5 million in Legacy Redevelopment Corp. and Northwest Side Community Development Corp., two Milwaukee-based community development financial institutions.
As the country inches to some sense of normalcy, small businesses especially minority-owned companies are still struggling to recover from the pandemic’s financial gut punch.
Shutdowns during the early days of the pandemic and keeping pace with public health orders wreaked havoc on mom-and-pop businesses’ bottom line. Even as businesses open up, mask restrictions loosen and more people are vaccinated, cash registers are not ringing as much as some people still fear venturing out into crowded stores.
But financial help is available.
The Legacy Redevelopment Corp, a community development financial institution, has been awarded a $1 million grant from the city of Milwaukee to offer forgivable loans to small and for-profit businesses hurt by the pandemic.