“Tosa Restarts” – City Funds to Support Small Businesses
Loan program aims to assist small business during uncertain times
The Wauwatosa Revolving Loan Fund Corporation and the Community Development Authority recognize the need to continue to support Wauwatosa’s small businesses during this time of uncertainty and moving forward with phased reopening. The groups created a loan program that will help businesses retain employees and cover reopening expenses as reopening is permitted.
Elements of the program, titled “Tosa Restarts” include:
- Working capital loans up to $10,000 to businesses located in the City with an active storefront or office that also meet certain criteria. See more details within the Financial Affairs packet.
- A five to seven loan year term at an interest rate of 2% per year with payments deferred for the first six months
- Applicants submit a loan application and supporting documentation. See more details within the Financial Affairs packet.
- Loan funds will be available for six months from the dates businesses are allowed to reopen in accordance with applicable law, unless program funds are fully disbursed sooner.
Expressing the sentiments of the two groups, Economic Development Manager Jennifer Ferguson said, "The Wauwatosa Revolving Loan Fund Corporation and the Community Development Authority believe the ability to provide some level of relief and stability to small business through the turbulence of reopening is essential to their success."
The Common Council voted to approve the $300,000 loan program, and applications will open soon.
We have been updating the COVID-19 webpage for businesses throughout this pandemic. Check the webpage for local, state, and federal resources, and contact us with questions.