WWBIC receives $750,000 federal award to support and advance – Community Economic Development in She
Community Development Financial Institution (CDFI) and 501(c)(3) whose mission is to
improve the economic well-being of individuals – specifically women, minority, lowerwealth
and Veterans, was awarded a $750,000 grant from the US Department of
Health and Human Services (DHHS) Office of Community Services – Community
Economic Development (CED) Program. WWBIC, with more than 30 years of impact as
a successful economic development organization combining government and private
resources will be dedicating the grant award to Sherman Park and surrounding
neighborhoods, including direct support for the Sherman Phoenix Project. The
Sherman Phoenix Project alone, anticipates creating 49 new full-time, full year jobs,
37 of which (75%) will be taken and held by low-income individuals in a Historically
Underutilized Business Zone (HUBZone) designated by the U.S. Small Business
Administration.
The Sherman Phoenix project will transform a vacant, fire-damaged BMO Harris Bank
building into high-quality commercial space for 29 small entrepreneurs, offering
prepared foods, wellness services, and arts and cultural activities. With a Fall 2018
completion target and led by local developers Juli Kaufmann and JoAnne Sabir,
Sherman Phoenix will be a model for healing our city, generating positive economic
and social returns in communities of color. WWBIC is partnering with Sherman
Phoenix LLC, to support the tenant buildout, building operations and programmatic
costs. WWBIC will use a share of the grant funds to provide quality business and
financial educational programming and one-on-one technical assistance to the
Sherman Phoenix tenant entrepreneurs and business owners as well as business
support in the surrounding neighborhood areas. These DHHS-OCS-CED award funds
will also allow WWBIC to assist and support the entrepreneurs and their employees
address personal barriers to success by providing financial capability education and
coaching to help them gain control over their personal finances, build assets, improve
their economic well-being, and move toward economic self-sufficiency.
Investing in inclusive pathways to economic opportunity for our neighborhoods and
families allows individuals to thrive. The project will support entrepreneurs of color
with mentorship and coaching to help them grow their businesses, generate jobs and
support the local economy. Please go to https://www.shermanphoenix.com/tenants
to learn more about the tenants of the Sherman Phoenix project.
About WWBIC
Wisconsin Women’s Business Initiative Corp. (WWBIC) is a leading, innovative
economic development corporation “Putting Dreams to Work.” WWBIC’s primary
focus is on women, people of color and low income individuals, providing direct
lending and access to fair and responsible capital, quality business education, one-onone
technical business assistance and education to increase financial capability. Since
1987, WWBIC has lent over $60 million in micro and small business loans with a
current loan portfolio of $18 million and nearly 500 active borrowers. To learn more
about WWBIC visit: www.wwbic.com