MCDEVCO announces $50,000 grant for small businesses
Small businesses continue to struggle in the wake of COVID-19. But in Marathon County, help is on the way for many of them.
MCDEVCO announced today a new $50,000 grant program for small businesses across the county. The money comes from donations from Incrediblebank, Inter City Bank, and the Community Foundation of North Central Wisconsin.
"These funds will be distributed to 50 small businesses throughout Marathon County in $1,000 grant increments,: said Vicki Resech, executive director of MCDEVCO.
"The pandemic has put a strain on small businesses that no one could have predicted four months ago,” said Todd Nagel, president and CEO of Incrediblebank. “The PPP program is probably getting the most attention, and that has been a wonderful source of funding for our small businesses."
But the PPP program didn't help some of the smallest of small businesses.
"not all small businesses got all the help they needed through this program or others, and specifically what i would call a micro small business," Nagel said. "Employers that have less than ten employees."
MCDEVCO will distribute 50 different $1,000 loans for those businesses in need across the county.
“Wausau has already had dozens of folks apply to the grants and loans we've made available to Wausau businesses,” said Mayor Katie Rosenberg. “And now just expanding that out to all of Marathon County, is going to be super important to our regional economy. Wausau can't do it alone."
More help could be on the way.
"It's probably not the last phase that you're going to hear about,” said Rosenberg. “I'm sure 50 more businesses isn't the end of this."
Mayor Rosenberg also said that the businesses that need the grant money the most will be the ones that receive it. To apply for the grant you can go to mcdevco.org or call them at 715-298-0084.