MADISON — A recent analysis of state allocations of federal aid under the American Rescue Plan Act (ARPA) showed that Wisconsin is the top state in the country for aid directed to overall economic development and the top state in the country in aid directed to assist businesses.
Among investments to support Wisconsin businesses and economic development includes the Main Street Bounceback Grant Program, one of the small business assistance programs created by the Evers Administration to support Wisconsin’s economic recovery and help fill empty storefronts in all 72 of Wisconsin’s counties. Gov. Tony Evers announced today that nearly 7,200 small businesses and nonprofits have been approved for $10,000 grants to fill empty storefronts through the Main Street Bounceback Grant Program.
“We’ve worked to make smart investments to get more support into the hands of Wisconsin families, farmers, industries, and small businesses who’ve been the lifeblood of our economic recovery by hiring locally, buying locally, and giving back to our communities,” said Gov. Evers.
The Main Street Bounceback Grant Program has invested a total of $100 million to help 10,000 small businesses and nonprofits. The program is administered by the Wisconsin Economic Development Corporation (WEDC), and grants are available on a first-come, first-served basis through Dec. 31, 2022.
“Communities around the state are continuing to show a sense of excitement and optimism as new businesses open their doors,” said WEDC Secretary and CEO Missy Hughes. “In every corner of the state, there’s a feeling that Wisconsin is offering small business owners a chance to make their dreams a reality.”
The demand for Main Street Bounceback grants is just one indication of the strength of Wisconsin’s economy. The state’s unemployment rate continues to stay below the national average, while Wisconsin’s labor participation rate — the share of working-age adults currently employed — is one of the highest in the nation for all ages of workers.
The state has also seen rapid growth in business start-ups. Based on records provided by the Wisconsin Department of Financial Institutions to WisBusiness.com, the number of new business formations in Wisconsin rose 42% between 2019 and 2021, from more than 50,000 to over 71,000. By comparison, the year-over-year increases going back to 2011-2012 ranged from 3.2% to 8.4%.
Funds for the Main Street Bounceback Grant Program are provided by ARPA, and WEDC is working with nine regional economic development organizations to quickly disburse grant funding to eligible businesses and nonprofit organizations. More information about the Main Street Bounceback Grant Program and how to apply is available on the WEDC website here.
