MADISON — Wisconsin will receive $79 million to support entrepreneurs and small businesses throughout the state.
Gov. Tony Evers and U.S. Sen. Tammy Baldwin, joined by Wisconsin Economic Development Corporation Secretary and CEO Missy Hughes and Wisconsin Housing and Economic Development Authority CEO and Executive Director Elmer Moore Jr., announced the new federal funding, which is available through the State Small Business Credit Initiative under the Baldwin-supported American Rescue Plan Act.
The Evers Administration’s plan for allocating the SSBCI funds, which was approved by the U.S. Treasury Department, includes:
• $50 million for WEDC to create the Wisconsin Investment Fund to partner with venture capital funds investing private capital in Wisconsin-based start-ups;
• $8 million to expand WEDC’s popular Technology Development Loan program that supports innovative new businesses with flexible financing terms to launch and scale their operations;
• $6 million to support WEDC’s Capital Catalyst program, which provides matching funds to non-profit organizations operating small-business loan programs; and
• $15 million for WHEDA to provide credit support to small businesses that receive microloans from Community Development Financial Institutions for accessing capital, increasing lending to steady borrowers, and expanding loan participation.
The SSBCI is unique among federal recovery funds in that it focuses on supporting small businesses as they grow and create future opportunities. SSBCI funds are expected to be deployed over several years, primarily through private sector investors and lenders. SSBCI provides a total of $10 billion to states, the District of Columbia, U.S. territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. SSBCI is funded by the American Rescue Plan Act.
More information will be available on WEDC.org and WHEDA.com as details of the programs are released.
