Gov. Scott Walker has signed into law two bills that allow the Wisconsin Housing and Economic Development Authority to expand small business lending. Both bills, signed at S&S Cycle in La Crosse, came out of the recent special legislative session on job creation.
Senate Bill 2 removes the requirement that a small business owner be actively engaged in the business, and it expands the definition of small business to include businesses with 250 or fewer full time employees.
It also increases the maximum portion of the principal loan to be guaranteed under the program to 80%, or $750,000, whichever is less.
Walker also signed a measure, SB20, that lowers restrictions on low-interest loans for the agriculture industry. The measure changes the range of a maximum guaranteed agriculture loan amount to not less than $2,000 and not more than $150,000. It also eliminates restrictive date limitations and provides that the term of a loan eligible for guarantee may extend to one year after the date the loan is made.
“These bills will allow WHEDA to select loans that have the greatest economic benefits, which will help create more jobs in Wisconsin,” Walker said.
Backing SB2 in the legislature were State Sen. Joe Leibham, R-Sheboygan, and State Reps. Thomas Larson, R-Colfax, Warren Petryk, R-Eleva, and Kathleen Bernier, R-Chippewa Falls.
SB 20 chief legislative sponsors were State Sen. Dale Schultz, R-Richland Center, and State Rep. Lee Nerison, R-Westby.
