Bank Five Nine’s mission is to Make Lives Better, and they did just that when they created special loan pool programs in the communities they serve, in absence of other funding sources. Now with 11 active programs, these funds have contributed more than $5.5M to nearly 200 local, downtown businesses.
These loan pools offer small business loans ranging from $10,000 to $25,000 at a fixed 1.00% for either a five or 10-year term. Eligible expenses include acquisition or land, building, building improvements, construction, equipment purchases and environmental or safety compliance.
Bank Five Nine knows that when their local businesses and residents thrive, it promotes economic stability – allowing their communities to grow and prosper. Their inaugural program was established in Oconomowoc, WI in 2011, when the downtown business vacancy rate was at 80%. Within two years, the City of Oconomowoc was able to reduce its downtown vacancy rate by 55%, and it has only improved since.
Bank Five Nine also offers a micro seed fund in partnership with Waukesha County Technical College (WCTC). Students who have obtained a Small Business Certificate from WCTC are eligible to receive funding from Bank Five Nine for start-up working capital needs for new businesses.
