Impact Seven, Inc. (I-7) is a non-profit community economic development corporation dedicated to strategically redeveloping economically depressed regions in Wisconsinwith a rural focus. I-7 links job creation with training and placement of low-income people, empowering individuals and communities by helping them to create their own businesses. Since inception, through economic development, health programming and socio-economic development programs, I-7 has created more than 20,578 jobs and created or maintained 31,567 jobs targeted to low-income individuals.
Business Development: I-7 offers loans for new and expanding Wisconsin businesses at competitiveoften below marketrates.
Other business development programs include: SBA 504 Program, SBA Microloan Program, the Venture Capital Fund, Greater Wisconsin Fund and New Markets Tax Credits.
I-7 manages twelve revolving loan funds with business loans and investments, totaling over $144 million in 3,242 businesses, through direct financing and leveraging of additional funds. During 2005 I-7 placed its $21 million New Markets Tax Credit allocation in five projects and leveraged an additional $29 million to Wisconsin through national allocates. As operating manager of Western Wisconsin Development Corporation, a SBA 504 corporation, I-7 had three loans approved to Wisconsin businesses totaling $2,141,626.
- Housing Development: I-7 has developed more than $70 million in affordable housing.
- Property Management: I-7 has been involved in the management of existing and new construction units for county and municipal housing authorities, private and non-profit developers.
- Employment and Training: I-7 combines job creation with job placement, finding jobs for more than 4,000 people.
Other programs include chemical dependency programs, childcare centers, construction of more than 45 industrial buildings, fourteen local housing entities, and more than 100 related organizations in various Wisconsin communities.
I-7's borrowers represent a range of ethnic diversity. The organization currently serves African-Americans (6.6%), Asian/Pacific Islanders (5.3%), Native Americans (4.0%), Latinos (2.6%) and Caucasians (81.5%). I-7 places a special emphasis on developing rural areas, with 71% of its clients from rural regions, 24% from minor urban areas and the remaining 5% from major urban areas. Approximately 37% of I-7's clients are female and 65% come from low-income households with income at or below 80% of area median income.
-Disbursed 5 microenterprise loans worth over $109,000.
-Financed 11 small businesses through 29 loans worth more than $4 million
-Created a total of 115 new jobs
-Underwrote and closed an additional four NMTC projects totaling $18.9 million resulting in the creation of 285 jobs and the retention of 515 jobs approved and/or closed five SBA 504 loans totaling $2.6 million resulting in the creation of 38.5 jobs and the retention of 77.5 jobs.
-Made 17 housing loans worth approximately $1.9 million to finance 212 housing units
-Spent more than $2.5 million developing 89 multi-family housing units.
Since its inception, I-7 has created more than 20,578, created/maintained 31,567 jobs, developed more than $70 million in housing, rehabilitated 1,141 units of low-income single family units valued at over $10,827,209 and manages 926 units of housing.
In 1985 the City of Amery (pop. 2,800) had no room for expansion. Merchants, like The Super Valu store, who had to expand to remain competitive and viable were limited by inadequate property in the downtown area. For Super Valu and similar merchants Impact Seven secured more than 100 acres of land on the edge of Amery as the site of a major retail development, designing and formulating a Tax Increment Finance District to facilitate this development and participated in assembling a group of investors. Full Story