From the Housing Authority of the City of Milwaukee's newsletter:
The PNC Foundation is awarding a $600,000 grant to support the launch of the Black Business Boost Fund, an ecosystem designed to increase opportunities for Black entrepreneurs and business owners in underinvested neighborhoods of Milwaukee. The program will include direct equity investments, technical assistance, credit recovery, incubation, access to co-working space, working capital and strategic, ongoing one-on-one mentoring.
The fund, administered by the Wisconsin Women’s Business Initiative Corporation (WWBIC), is the second PNC pilot program of its kind, and will provide direct micro equity investment, and educational and technical support for qualified businesses. The initiative aligns with PNC’s broader commitment announced in June 2020 to dedicate $1 billion to help end systemic racism and support the economic empowerment of Black Americans and low- and moderate-income communities.
WWBIC, one of Wisconsin’s first Community Development Financial Institutions (CDFI), and the Housing Authority of the City of Milwaukee (HACM) will partner to deliver technical assistance, and educational and mentoring opportunities.
“The Housing Authority is pleased to join this journey with our longtime partners PNC Foundation and WWBIC to launch Black Business Boost and elevate opportunities for Black entrepreneurs to overcome barriers to their success,” said HACM Acting Secretary-Executive Director Willie L. Hines, Jr. “This new fund will complement other economic development programs and investments being made in the area through the Choice Neighborhood Initiative, including hundreds of new housing units, neighborhood amenities, business facade improvements and quality-of-life initiatives.”