First American Capital Corporation has been awarded $125,000 from the Wisconsin Economic Development Corporation to expand access to capital for small businesses across Wisconsin.
The Small Business Development Grant funding will be used to provide equity grants stacked with an FACC loan product to qualifying borrowers.
Historically, FACC funding has focused on Indigenous-owned enterprises located both on and off federally recognized tribal lands. But as a nonprofit, FACC funds are available to any qualified borrower in the state through the application process.
Of the total funding, $100,000 will be allocated to equity grants of up to $5,000 or 10% of approved loans for businesses accessing FACC microloans.
The remaining $25,000 will be allocated to grants of up to $10,000 for businesses accessing FACC-administered Small Business Administration 7(a) loans and other larger loan products that require owner equity contributions.
These equity grants can cover up to 10% of the total project costs of approved uses of funds in the loan.
“Access to flexible capital and technical assistance is vital for small business growth,” Gary Mejchar, co-executive director of FACC, said in a statement. “This WEDC funding enables FACC to lower common financial barriers while providing entrepreneurs with the tools and knowledge they need to succeed.”
