Gov. Tony Evers and U.S. Sen. Tammy Baldwin (D-WI) announced Wisconsin will receive nearly $80 million to support entrepreneurs and small businesses throughout the state, according to a news release. The new federal funding is available through the State Small Business Credit Initiative (SSBCI) under the 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 startups;
- $8 million to expand WEDC’s 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 nonprofit 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 (CDFIs) for accessing capital, increasing lending to steady borrowers, and expanding loan participation.
