Legacy Redevelopment Corporation

What Legacy Redevelopment Corporation does

Legacy Redevelopment Corporation (LRC) is a private nonprofit organization founded in 2003 and headquartered in Milwaukee, Wisconsin, operating as a U.S. Treasury-certified Community Development Financial Institution (CDFI). LRC provides strategic lending solutions to underserved small businesses and nonprofit organizations in Milwaukee and Racine, Wisconsin, focusing on minority-owned and disadvantaged borrowers who lack access to conventional banking. Its loan products include Microloans ($5,000–$50,000), SBA Community Advantage loans up to $350,000, Emerging Business Loans, Predevelopment Loans, Real Estate Loans (commercial mortgage and construction financing with LTV up to 90%), and a Subcontractor Gap Financing Line of Credit ($75,000–$200,000). All loans carry a 1.5% origination fee plus standard closing costs, with a $150 application fee, and terms ranging from 1–7 years (up to 25-year amortization on real estate).

LRC's business model combines net interest income from its loan portfolio with origination fees and mission-aligned grant and donation inflows from banks, credit unions, foundations, and government agencies (including the U.S. Treasury CDFI Fund, which awarded LRC $794,881 in April 2023). It often takes subordinate positions in co-lending arrangements with conventional lenders and assumes more credit risk than traditional banks, accepting applicants that mainstream institutions decline. LRC bundles lending with free pre- and post-loan technical assistance covering business plan development, accounting systems, licensing, and operations, an offering delivered by a Business Consultant and embedded in the ThriveOn Small Business Loan Program co-developed with the Greater Milwaukee Foundation. Distribution is direct (sales-led) supplemented by referral partnerships with the African American Chamber of Commerce of Wisconsin, Wisconsin SBDC offices, Brew City Match/LISC, Northwest Side CDC, and multiple regional banks and credit unions.

Since granting its first loan in late 2003, LRC reports cumulative deployment of over $8 million through 60+ loans, the creation or retention of 1,000+ jobs, financing of 230,000+ square feet of new or renovated space for central city nonprofits and socially oriented businesses, and the creation or renovation of 100+ affordable private homes. LRC is governed by a small executive team led by President & CEO Terese Caro and operates an affiliated nonprofit, Legacy Midwest Renewal Corporation (LMRC), formed in 2005 to handle strategic real estate development separate from lending operations.

Name

Legacy Redevelopment Corporation

Legal name

Legacy Redevelopment Corporation

Website

https://lrcmke.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

Legacy Redevelopment Corporation is a U.S. Treasury-certified CDFI providing creative financing and free technical assistance to underserved small businesses and nonprofits in Milwaukee and Racine, Wisconsin, primarily serving minority-owned borrowers excluded from conventional banking.

Ownership category

akta.pro rank

Product category

Community Development Lending

NAICS

Grantmaking and Giving Services (81321), Grantmaking Foundations (813211)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro industry

PRIMARYBPAGALAA

Impact Investing & Social Finance (Funds, CDFIs, Microfinance)

Business & Public Services/Nonprofit, NGO & Social Services/Social Enterprises & Impact Organizations

Keywords

• CDFI lending
• Small business loans
• Microfinance services
• Community development lending
• Nonprofit financing

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Loan Interest and Origination Fees: LRC generates revenue through interest on loans provided to small businesses and nonprofits. Standard loan origination fee is 1.5% along with other standard closing costs and legal fees. The organization manages a loan portfolio and partners with banks, credit unions, and other financial institutions to provide financing.
2. Donations and Grants: LRC accepts donations from individuals and organizations to support community lending activities. Much of lending capital comes from private individuals, banks, financial institutions, foundations, and government agencies who invest in LRC's mission to transform stressed communities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Legacy Redevelopment Corporation is a U.S. Treasury-certified Community Development Financial Institution (CDFI) that provides direct loans to underserved small businesses and nonprofits in Milwaukee and Racine, Wisconsin. Its core offerings include Microloans ($5,000–$50,000), Emerging Business Loans, SBA Community Advantage loans (up to $350,000), Predevelopment Loans, Real Estate Loans (LTV up to 90%), and Subcontractor Gap Financing Lines of Credit ($75,000–$200,000), bundled with free Technical Assistance.

Product overview

Legacy Redevelopment Corporation (LRC) operates as a Community Development Financial Institution (CDFI) providing a comprehensive suite of financing and support services for small businesses and nonprofits in underserved Milwaukee and Racine markets. The core offerings center on loan products (Emerging Business Loans, Microloans, Predevelopment Loans, Real Estate Loans, SBA Loans, and Subcontractors Gap Financing) combined with mandatory and optional Technical Assistance. LRC also administers grant programs and accepts donations to support its community development mission.

Differentiator

Problem solved

Functional benefit

Products and services

• Microloans

Quantifiable outcome

• Over $8 million provided through more than 60 loans, creating or retaining 1,000+ jobs
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• African American Chamber of Commerce of WisconsincoreGTM or Marketing PartnerChampions growth and sustainability of African American owned businesses by providing access to capital, education and advocacy through capacity building and strategic partnerships. Refers member businesses to LRC for financing.
• SBDC MilwaukeecoreGTM or Marketing PartnerSmall Business Development Center supports entrepreneurs through no-cost, confidential consulting and educational programs. Refers clients to LRC for financing.
• SBDC UW-ParksideminorGTM or Marketing PartnerWorks with banks, chambers of commerce, economic development organizations across southeast Wisconsin to match specific needs with solutions.
• Brew City MatchminorGTM or Marketing PartnerProgram by LISC Milwaukee that aims to revitalize historically disinvested commercial corridors by training and funding entrepreneurs committed to operating in those areas.
• Northwest Side CDCminorGTM or Marketing PartnerNorthwest Side Community Development Corporation collaborates with businesses and neighbors to build stronger neighborhoods, create economic growth and encourage urban environmental improvements.
• Midwest Advantage Holdings CompanyminorGTM or Marketing PartnerDelivers personalized service with integrity, offering individualized attention to help clients achieve organizational goals.
• RCEDCminorGTM or Marketing PartnerRacine County Economic Development Corporation provides services needed for business expansion, relocation, financing, or talent recruitment projects.
• African American Alliance of CDFI CEO'sminorStrategic or Co-development PartnerAlliance prioritizes and centers voices and needs of Black communities. Supports and empowers CDFI CEOs to lead and grow their institutional operations.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Wisconsin Women's Business Initiative Corporation (WWBIC): Wisconsin-based CDFI providing small business loans, microlending, and technical assistance to underserved entrepreneurs across the state. Closest direct peer given shared Wisconsin geography, CDFI model, and small business focus.
• IFF: Midwest-focused CDFI providing loans and real estate consulting to nonprofits, child care providers, and healthy food enterprises. Already an LRC loan committee partner; comparable mission and product set.
• Forward Community Investments: Wisconsin-based CDFI supporting affordable housing, economic development, and community facilities through loans and investments. Same state, same CDFI model, overlapping target borrowers.

Broad incumbents

• Local Initiatives Support Corporation (LISC): National CDFI providing loans, grants, and technical assistance for community development across the U.S. Already a programmatic partner through Brew City Match in Milwaukee; operates LRC's niche at much larger scale.
• Reinvestment Fund: National CDFI focused on financing healthy food, affordable housing, education, and community health. Comparable mission-driven lending model and federal CDFI certification, at materially larger scale.
• Coastal Enterprises Inc. (CEI): Maine-based CDFI providing small business loans, microloans, and consulting to underserved entrepreneurs. Comparable nonprofit CDFI structure, loan products, and TA offering, though operating in a different region.
• Capital Impact Partners: National CDFI providing loans, grants, and capacity-building for underserved communities, with focus on health care, housing, and education. Similar federal CDFI status and community development lending mandate.
• Fahe: Appalachian regional CDFI network providing housing and community development financing across multiple states. Comparable CDFI lending model targeting distressed markets.
• Self-Help Credit Union: North Carolina-based CDFI credit union providing small business, mortgage, and consumer loans in underserved markets. Operates a similar mission-driven lending model with comparable community focus.

Others

• Opportunity Finance Network (OFN): National membership association and intermediary for CDFIs providing capital, capacity-building, and policy advocacy. Trade body for the same CDFI category LRC operates in; relevant context for capital sourcing and benchmarking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/lrcmke
• Facebookfacebook.com/LRCMKE
• LinkedInlinkedin.com/company/legacy-redevelopment-corporation

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Legacy Redevelopment Corporation