A state Senate committee has approved an amended version of a bill that aims to create regional revolving loan funds for economic development groups.
While WEDC would manage the program, nine regions throughout Wisconsin would receive up to $1 million in state grants each biennium. Groups within each region could use those grants to lend money to area companies. Included in the bill is $1 million for WEDC to manage the program and train groups.
The amended version of the bill also clarifies that WEDC can award grants of more than $1 million if any earlier funds went unused.
