Through the Greater Milwaukee Foundation business loan, Jennings was able to purchase equipment needed for her business. (Photo/Ebony Jennings)
By Karen Stokes
Ebony Jennings was on a mission to restart her grandfather’s construction business which had been closed since his passing.
In 2021 she founded Jennings Asphalt Contractors, a Woman-owned DBE asphalt paving and maintenance company.
The Greater Milwaukee Foundation loan played a crucial role in the success of Jennings’ business.
As Wisconsin’s largest community foundation, the Greater Milwaukee Foundation was among the first established in the world and has been a cornerstone of civic life for over 110 years. Its mission centers on fostering community well-being and supporting positive change. Serving Milwaukee, Ozaukee, Washington, and Waukesha counties, the Foundation’s impact extends across the country and around the world.
Racial equity is the Foundation’s North Star, guiding its strategies for building a Milwaukee for all, together.
Greater Milwaukee Foundation issues $800,000 in affordable capital. Fueled by a combination of donor generosity, semi-public investment, and philanthropic capital, the Greater Milwaukee Foundation has provided $800,000 in new small business loans to enterprises in our region. This is the third round of funding the Foundation has issued through its ThriveOn Small Business Loans program, which launched in 2021.
“The loan had a huge impact on my business,” Jennings said. “Last year was a bad year for me emotionally and it sometimes interfered with my business. I couldn’t afford to get the equipment I needed, it cost a lot of money. The loan benefited me in many ways. I was able to buy my own equipment and expand my shop and it allowed me to hire two additional people. It put me in a better position.”
Kermiath McClendon, Impact Investing Manager for the Greater Milwaukee Foundation explained, “Access to capital is a major challenge that businesses in Milwaukee face. We address the problem through investments. Some people that don’t meet the criteria that traditional banks are looking for, we are a little bit more lenient and flexible in that area.”
Through this latest round of funding, 16 small businesses received critical support. The recipients include:
Ebony Jennings, Jennings Asphalt Contractors
(Photo/Ebony Jennings)
*Bara Legacies (Milwaukee)
*M. Dika Dermatology(Burlington)
*Encore Cleaning Systems(Menomonee Falls)
*FIT4YOUMKE (Milwaukee)
*HoneyBee Sage (Milwaukee)
*JenGerDoll (Milwaukee)
*Jetlagged (Milwaukee)
*Just Shuttle (Wauwatosa)
*Silent Wealth (Milwaukee)
*Vibez Creative Art Space(Glendale)
*Confluence Graphics(Milwaukee)
*Freeway Acres (West Allis)
*Jennings Asphalt Contracting (Milwaukee)
*Modern Ledger BusinessServices (West Bend)
*Piece of Love (West Allis)
*Vision Print Designs (West Allis)
Helping power this investment in economic opportunity for 16 local businesses was a matching grant for $300,000 awarded to the Foundation through the Wisconsin Economic Development Corporation’s Capital Catalyst Program. The Foundation earned the seed funding from WEDC for its focus on emerging growth businesses.
The success of the impact investing program is largely attributed to individual philanthropy. Last year alone, gifts to the program totaled $485,000. Since launching as a one-year pilot in 2017, the Foundation’s program has committed over $22 million in impact investments in the form of loans, guarantees, mission-related investments, and more. Donor contributions account for $4 million of that total. This infusion of capital into the community has helped create or retain an estimated 852 full- and part-time jobs and leveraged an additional $65 million from other funders.
“We’re ready to hire more people and take on bigger projects,” Jennings said, reflecting on the growth made possible by the Foundation’s support.