Overview
What is Milwaukee Economic Development Corporation?
The Milwaukee Economic Development Corporation (MEDC) is a nonprofit organization situated in Milwaukee, Wisconsin. With a team of 16 dedicated individuals, MEDC provides gap loans to businesses in the Milwaukee area at lower-than-market interest rates. Typically, these loans are complemented by financing from a partner bank. The organization adheres to two fundamental principles in its lending approach: sharing risk amongst all project participants and offering loans when there exists a financing gap between debt and equity. MEDC's primary objective is to stimulate employment opportunities and boost local incomes by assisting in the retention, expansion, and development of manufacturing, service, and commercial establishments in Milwaukee, Waukesha, Washington, Walworth, Racine, Kenosha, and Ozaukee counties. Collectively referred to as the M7 region, these counties benefit from MEDC's financial support, aiming to foster a thriving and prosperous business environment.
Official website here: www.medconline.com
Is Milwaukee Economic Development Corporation legitimate?
Milwaukee Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Milwaukee Economic Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $533,704
Professional Fundraising Fees: $0
Other Salaries and Wages: $851,156
For more financial information, click here
Official website here: www.medconline.com
What is the mission statement of Milwaukee Economic Development Corporation?
The Milwaukee Economic Development Corporation (MEDC) is dedicated to providing gap financing to businesses with the aim of creating employment opportunities and increasing local incomes. This is achieved through the retention, expansion, and development of various commercial establishments, such as manufacturing, service, and other commercial ventures, within Milwaukee, Waukesha, Washington, Walworth, Racine, Kenosha, and Ozaukee Counties, collectively known as the M7 region. The corporation lends at below-market interest rates to businesses in the Milwaukee area, often partnering with a bank to provide project financing. MEDC's approach to lending is based on two fundamental principles: sharing risk with all project participants and providing loans where there is a gap between available debt and equity.
Official website here: www.medconline.com
Who is the CEO of Milwaukee Economic Development Corporation?
David E Latona is the President & Secretary/Director of Milwaukee Economic Development Corporation.
Official website here: www.medconline.com
What is the revenue of Milwaukee Economic Development Corporation?
Milwaukee Economic Development Corporation's revenue in 2022 was $4,043,772.
Official website here: www.medconline.com
Who are the executives of Milwaukee Economic Development Corporation and what are their salaries?
The average compensation at Milwaukee Economic Development Corporation during 2022 was $86,554. There are 16 employees and 24 volunteers at Milwaukee Economic Development Corporation.
Here are 27 key members and their salaries:
- Latona David E (President & Secretary/Director)
- Miller John (Vice President & Treasurer)
- Eick Susan (Relationship Manager)
- O'Neill Thomas J (Chair/Director)
- Barth Steve (Director)
- Bauer Greg (Director)
- Brenn Kelsey (Director)
- Feagles William (Director)
- Gamboa Ivan (Director)
- Hall Dr Eve (Director)
- Hazod John (Director)
- Johnson Cavalier (Director)
- Kessler Debra (Director)
- Kleiner Paul (Director)
- Lutz Sarah (Director)
- Macareno Amelia E (Director)
- Melvin Andy (Director)
- Mitich Rebecca (Director)
- Murphy Michael (Director)
- O'Brien Patrick (Director)
- Rivera Perfecto (Director)
- Robertson Kenneth (Director)
- Roemer James (Director)
- Schmutzercraig (Director)
- Stilp Gina (Director)
- Zale Thomas (Director)
- Zastrow Nate (Director)
Official website here: www.medconline.com
Where can I find the form 990 for Milwaukee Economic Development Corporation?
The Milwaukee Economic Development Corporation’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.medconline.com
Learn more at the official website: www.medconline.com
Mission Statement of Milwaukee Economic Development Corporation
The Milwaukee Economic Development Corporation, often referred to as MEDC, is committed to supporting businesses in the Milwaukee area and surrounding counties. Their primary mission is to provide gap financing, which is essential for creating employment opportunities and boosting local incomes. This financing is crucial for the retention, expansion, and development of various commercial establishments, including manufacturing, service, and other businesses. By doing so, MEDC aims to support the growth of businesses within the M7 region, which encompasses Milwaukee, Waukesha, Washington, Walworth, Racine, Kenosha, and Ozaukee counties.
In achieving this mission, MEDC adheres to two fundamental principles. Firstly, they share risk with all participants in a project, ensuring a balanced distribution of potential losses and benefits. Secondly, they offer loans when there is a gap between the available debt and equity. This gap financing is typically provided at below-market interest rates, making it more accessible for local businesses. Often, a partner bank contributes to the project financing, further strengthening the support system for Milwaukee area businesses. MEDC's lending approach is strategic and targeted, aiming to foster growth and development within the local business community.
Impact
This information is meant to be a general summary of Milwaukee Economic Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Milwaukee Economic Development Corporation's impact lies in providing gap financing to businesses, thereby stimulating economic growth and creating employment opportunities in the M7 region. By supporting the retention, expansion, and development of manufacturing, service, and commercial establishments in Milwaukee and surrounding counties, MEDC plays a crucial role in elevating local incomes and boosting the overall economic health of the region. Through its lending programs that offer below-market interest rates and bridge financing gaps, MEDC partners with businesses and financial institutions to share risks and facilitate projects that may not have been feasible otherwise. This proactive approach not only supports individual businesses but also contributes to the overall community improvement and sustainable economic development in the area.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$3,383,167
MANAGEMENT AND SERVICI
Revenue
$203,254
Organization Details
Founding Year
1971
Phone
(414) 269-1440
Principal Officer
David E Latona
Main Address
757 NORTH BROADWAY 600, MILWAUKEE, WI, 53202
Website
www.medconline.com
NTEE Category
Code: S31 - Community improvement
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