Wisconsin will receive up to $79.1 million through the federal State Small Business Credit Initiative as part of the American Rescue Plan.
The funding for Wisconsin would support capital access, collateral support, a debt/hybrid program, two loan participation programs and two equity/venture capital efforts.
Both venture capital funds will receive $25 million for small business investments. The Wisconsin Economic Development Corp., will receive $6 million for its Capital Catalyst Fund, a loan program that provides matching capital to revolving loan funds managed by nonprofits.
“The SSBCI offers an exciting opportunity to not only provide the capital that is so critical to small business success but to use federal resources to promote new private investment,” WEDC Secretary and CEO Missy Hughes said in a statement. “The long-term benefit is using the private investment expertise to generate returns and grow a revolving pool of capital to be reinvested in new businesses again and again.
[Adapted from: Wisconsin to receive $79.1 million in federal funding to support small businesses February 24, 2023 Journal Sentinel]