An LRC line of credit to T.L. Reese Construction is helping to build new homes and commercial properties in Milwaukee’s central city.
At LRC, we strive to grant loans that will make the most impact in Milwaukee. Despite the fact that we focus on applicants who many might consider to be higher risk, we have experienced very few loan delinquencies or losses.
In the 10 years that LRC has been in business, we have financed over 60 loans, totaling $8 million, to organizations that created or retained more than 1,000 jobs in our communities. What’s more, our loans have financed over 230,000 square feet of new or renovated space for Milwaukee central city nonprofit and socially oriented businesses.
Since LRC granted our first loan in late 2003, we have seen steady growth in lending capital from our investors. Our loan capital continues to grow, which shows that investors are confident in our business plan and recognize that there is an increasing demand for LRC’s financial products and services within Milwaukee’s distressed and at-risk neighborhoods.
LRC loans have also helped to create or renovate over 100 affordable private homes. Two model homes led to increasing sales for neighboring new single-family homes, often to first-time home buyers.
Almost 50 percent of LRC borrowers are women and 75 percent are minorities. Thanks to LRC loans, you can drive through our target neighborhoods and see formerly vacant lots and boarded-up buildings transformed into affordable single-family homes, cost-effective apartment complexes, thriving commercial spaces and nonprofit headquarters.