Milwaukee Downtown Business Development Loan Pool (BDLP)
The recently adopted Milwaukee Downtown, BID #21 strategic plan places a focus on economic development leadership and promoting business retention and recruitment in the central business district. To assist in implementing the goals, priorities and objectives of the strategic plan, the BID #21 Board of Directors partnered with First Bank Financial Centre (FBFC) to create the Milwaukee Downtown Business Development Loan Pool (BDLP) program.
The BDLP program is a new source of potential financing to assist in commercial revitalization efforts, increase capital investments, and provide support to new and existing property owners and businesses located within the boundaries of BID #21. The program can provide low-cost loans to businesses, as well as a possible funding mechanism for redevelopment or improving commercial and mixed use structures. Loans are generally not made for less than $10,000 or more than $25,000 and have an interest rate that can be fixed as low as 1.0%.
The underwriting, loan processing, and servicing are handled by FBFC. The loan approval process includes a recommendation by FBFC and BID #21 staff prior to action by the BID #21 Economic Development Steering Committee. Final approval authority lies with FBFC. Please review the Milwaukee Downtown BDLP program brochure and application materials for more details.