From the Milwaukee Journal Sentinel:
The Common Council tonight will consider creating that would provide up to $57,300 in cash and loans to each of five small businesses that open on Packard Ave. Among the incentives that would be offered to retail businesses: Loans of up to $25,000 at 2% interest. Matching grants of up to $25,000 to build or improve a storefront façade. Up to $10,000 in cash to buy out an existing business’ current lease.
According to an email I received from Cudahy Alderman Mark Otto, the proposal mentioned by the Journal Sentinel was approved and targeted for “businesses in demand” based on a previously completed market analysis in Cudahy. I’m hoping to get a copy of the market analysis from Alderman Otto in the very near future, but on its face, the proposal makes sense. I like the idea of combining low-interest loans and grants to lure businesses to Cudahy based on the idea that not only will the loans be repaid, but the businesses will grow the tax base in Cudahy.
Overall, I think the proposal adopted on Tuesday by the Cudahy Common Council is a good idea, provided it’s properly (and energetically) implemented. Cudahy’s “downtown” could certainly use some revitalization, and I can’t wait to see what businesses Cudahy is able to lure to Packard Avenue as a result of this program.
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