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Cory Guy (left) is president of family-owned TOGO Disposal. His mother, Norma, is the majority shareholder and brother, Terrance, (right) serves as vice president of operations.

Cory Guy knew he needed additional trucks. Since taking over leadership of the family business TOGO Disposal in 2017 after his father’s passing, he saw opportunities to reach new customers and grow his small waste disposal company. And with more than 20 years of prior experience in corporate finance, Cory understood that access to capital was key to achieving his business goals.

The federal New Markets Tax Credit (NMTC) program offered through the Wisconsin Housing and Economic Development Authority (WHEDA) was the solution Cory needed.

“A lot of traditional lenders don’t offer project-based lending, especially to a small business like ours that might not meet the requirements,” Cory said. “But TOGO Disposal was a good fit for the WHEDA program, and I was able to show them that we were a solid investment.”

Cory worked with the staff at WHEDA for much of the loan process. LRC came into play in the final phases to underwrite the actual loan and provide needed techinical assistance.

“The NMTC program is a resource to help fuel job creation and economic development in low-income urban and rural communities,” explained Terese Caro, LRC’s chief lending officer. “TOGO Disposal and other small businesses are able to obtain benefits such as lower interest rates, access to a reduced cost of capital, and other non-traditional financing not available to them in the marketplace.”

For Cory, the loan allowed him to get new trucks, consolidate business operations in a new location, and secure additional office equipment and added technology. It has also led to new business.

“We have a contract in the works with Milwaukee Public Schools that we were able to solidify because of our new equipment,” Cory shared. “Conservatively, we plan to see at least 20 percent growth per year over the next five years.”

Terese said, “At LRC, we’re uniquely focused on providing innovate loan products to nonprofits and small businesses, many that are minority-owned.” She added, “Through our involvement with WHEDA and the federal New Markets Tax Credit program, we’re able to help local businesses sustain growth and find financial independence.”

TOGO Disposal offers responsible and reliable removal of waste and recyclables. Learn more.

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