Terese Caro

President Legacy Redevelopment Corporation

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Terese Caro has spent her entire 25-year career in banking and finance working in a diverse group of financial institutions ranging from credit unions to banks and is currently serving in the nonprofit sector with Legacy Redevelopment Corporation (LRC), a Community Development Financial Institution (CDFI). She joined the LRC team in July 2016, bringing years of commercial lending expertise to her roles as Vice President and Chief Lending Officer. In March 2020, the Board of Directors appointed her President of Legacy Redevelopment Corporation.

Over her career, Ms. Caro has astutely managed a diverse portfolio valued at over $500 million in loans and assets and developed a broad range of skills including: New Market Tax Credit transactions, risk management, underwriting, financial analysis, loan restructuring, collections, quality control and compliance. As LRC’s President, she manages a $11 million loan portfolio consisting of small business, new construction/rehab and commercial/retail real estate loans.

One of the most recent projects about which Ms. Caro is proudest is the $13.8 million development of Legacy Lofts. What was originally a multi-story Blommer Ice Cream Company factory built in the early 1900s in Milwaukee’s central city has been transformed into LRC’s headquarters and 64 fully leased market and affordable housing apartments. This $13.8 million redevelopment, which included public support through historic preservation and low-income housing tax credits, is the first major investment in the low-to-moderate-income neighborhood.

Previously, Ms. Caro held management roles at Wisconsin Women’s Business Initiative Corporation (WWBIC), Seaway Bank and Trust Company, and North Milwaukee State Bank. Ms. Caro serves on several boards within the City of Milwaukee, including serving as an Executive Board Commissioner and Treasurer for the Social Development Corporation. She is also a member of the Capital Magnet Fund Loan Committee for the Wisconsin Housing and Economic Development Authority (WHEDA).

Ms. Caro has a passion to help small businesses succeed and works closely with clients to provide the education, tools and development needed to allow them to become self-sustaining and achieve their organizational and financial goals. She earned Master of Business Administration and Bachelor of Science in Business Administration degrees from Cardinal Stritch University.

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