KENOSHA WI (WLIP)—The City Council approved a loan package for small businesses this week worth a half a million dollars. Also, the city received one hundred thousand dollars from Snap On as seed money for additional grants, in hopes that other larger businesses would contribute to reach an additional 500-thousand dollar total.
The Kenosha Area Business Alliance would administer the funds to businesses with less than 20 employees. The 15-thousand dollar forgivable interest free loans would not have to be paid back contingent on the businesses remaining open for one year after the money is received.
Business would have to be within city limits and cannot use the money for personal spending or building renovations. If a business receives the money but does not meet the requirements, it will have to be paid back over a two year period.