Several programs help Wisconsin businesses prevent foreclosure.
Wisconsin businesses can get help from several programs to stave off the threat of foreclosure. State, federal, private and nonprofit groups can help businesses thrive through information, guidance and loans. Regardless of the economy, every business can benefit from guidance, an impartial ear and help when hard times strike.
Wisconsin Housing and Urban Development
The Wisconsin field office of the U.S. Department of Housing and Urban Development supports local businesses to fend off foreclosure. The agency primarily answers questions, and spreads information for new initiatives and HUD contracting opportunities. The program is geared toward businesses owned by minorities, women and service-disabled veterans. The agency helps ensure that small businesses have the opportunity to compete for HUD contracts and projects funded by HUD grants, such as Community Development Block Grants, according to the agency.
Wisconsin Business Development Finance Corporation
The Wisconsin Business Development Finance Corporation is a nonprofit, offering long-term, fixed-rate financing. The group fulfills the U.S. Small Business Administration's objective to support small business and create jobs, according to the WBD. It gives small businesses access to working capital and provides struggling businesses with restructuring solutions. WBD provides consulting and loan packaging services to banks and borrowers. Since 1982, it has helped fund 2,000 Wisconsin businesses, according to the corporation.
Community Development Block Grant
Wisconsin is allotted millions in federal Community Development Block Grants each year to help neighborhoods thrive. The money can go toward projects that provide affordable housing, services to the vulnerable, and the creation and retention of jobs. According to HUD, the block grant money can be awarded to for-profit businesses for economic development projects. For more information, call your city councilman or other local representative. The federal government launched the Community Block Grant initiative in 1974. The agency provides grants nationwide annually to 1,204 governmental units, using a formula.
Milwaukee Foreclosure Mediation Program
The Milwaukee Foreclosure Mediation Program is operated by the Marquette University Law School. The service is for people facing home foreclosure, but also serves those who rent out sections of their home as a business. The program offers mediation services to any homeowner or borrower who occupies a residential property that houses one to four families. As part of the program, a chief mediator talks with the homeowner and lender privately, about how the matter could be resolved, according to the university. An agreement is usually written and signed by all parties. The program's goal is to negotiate bargaining, preserve home equity and prevent blight in communities. The Milwaukee Foreclosure Mediation Program was launched with funding from the City of Milwaukee and attorney general.
