HOW TO READ THE ECONOMIC DEVELOPMENT PROGRAM SUMMARIES

Each agency includes summaries of its economic development programs. These summaries include information listed here with definitions for reference.

STATUS – Active or inactive

INCEPTION – Indicates either the incepting act, if the program was created by state or federal law, or the fiscal year the program was launched

PROGRAM GOAL – High-level description of the program’s intended purpose, policy goal or objective

PROGRAM DESCRIPTION – A description of the program that includes all of the following, if applicable: the type of entity the program serves; the type of assistance the program offers; the funding source; and the target industry, area or population

ELIGIBILITY REQUIREMENTS – Type of organization or activities eligible for award under the program, as well as stipulations relating to program requirements and qualifying uses of funds

INCENTIVES AND AVAILABLE FUNDING – The total program budget for the fiscal year as well as the terms applicable to certain awards under the program

EXPECTED OUTCOMES – The agency’s goal for the program for the fiscal year

PROGRAM ACTIVITY – A report of the outcomes resulting from the program during the fiscal year

RECOMMENDED CHANGES – Changes to program specifications that are being considered

PROGRAMS

FY23 program activity
Total awards: 8
Award amount: $1,600,000
Leverage ratio: 184:1

Notes: In FY23, guidelines were updated to provide reduced match requirements for projects located in an Economically Distressed area, and the program budget was amended down to $2,053,312. 

Recommended changes
No substantive changes.

View Program Guidelines

FY23 program activity
Total awards: 6
Award amount: $865,600
Leverage ratio: 2:1

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
No awards were executed.

Recommended changes:
Sunset the program.

View Program Guidelines

FY23 program activity
Total awards: 26
Award amount: $23,675,000
Jobs to be created: 2,456
Jobs to be retained: 6,627
Leverage ratio: 47:1

Notes: Complete CY23 results not available at publication; FY23 results shown

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
Total awards: 13
Award amount: $721,709

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
Total awards: 4
Award amount: $850,000
Businesses to be assisted: 25
Leverage ratio: 1:1

Notes: In FY23, guidelines were updated to accommodate SSBCI funding, and the non-SSBCI program budget was amended down to $850,000.

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
No new sites were certified.

Recommended changes
No longer considered to be a program as it does not provide financial or technical assistance. It is part of WEDC’s Extended Enterprise (operations).

View Program Guidelines

FY23 program activity
Total awards: 31
Award amount: $7,166,800
Leverage ratio: 14:1

Vibrant Spaces Pilot

Total awards: 33
Award amount: $1,458,488
Leverage ratio: 9:1

Notes: In FY23, guidelines were updated to expand considerations when determining whether to make a CDI Grant, and the Vibrant Spaces Pilot was added with a budget of $750,0000 which was then amended up to $1,508,488. The main program budget was amended down to $7,168,000.

Recommended changes
Define Rural Community; reduce match requirement for rural communities and projects with key components of providing childcare or expanding housing availability; allow for developers to be the applicant/recipient entity.

View Program Guidelines

FY23 program activity
No awards were executed.

Recommended changes
No substantive changes.

Program guidelines

FY23 program activity
Total awards: 4
Award amount: $175,000
Businesses to be assisted: 160

Ally Pilot

Total awards: 10
Award amount: $250,000
Businesses to be assisted: 15

Notes: In FY23, guidelines were updated to expand program description to include disabled and capacity-building for nonprofits and to add the Ally Grant Pilot with a budget of $250,000.

Recommended changes
Remove Ally Grant Pilot.

View Program Guidelines

FY23 program activity
No new awards in FY23

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
The program administered through CTC assisted 55 businesses and was awarded $250,000.

Recommended changes
No substantive changes.

View Program Guidelines

FY23 program activity
Total awards: 20
Award amount: $2,120,200
Businesses to be assisted: 133

Notes: In FY23, guidelines were updated to clarify program description, expand eligibility, and add factors that WEDC may take into account when considering funding as it shifted to be a fully competitive program. The program budget was also amended down to $2,220,200. 

Recommended changes
No substantive changes.

View Program guidelines

FY23 program activity
The program administered through WCMP assisted 13 businesses and was awarded $192,000.

Recommended changes
No substantive changes.

View Program Guidelines

FY23 program activity
Total awards: 25
Award amount: $560,053

Notes: In FY23, guidelines were updated to change to a non-competitive program, and the program budget was amended up to $560,053.

Recommended changes
Set a  minimum grant amount.

View Program guidelines

FY23 program activity
Total awards: 53
Award amount: $1,010,624
Collaborative Market Access Grant
Total awards: 1
Businesses to be assisted: 9

Notes: In FY23, guidelines were updated to clarify eligible activities. 

Recommended changes
Add gross revenue cap.

View Program Guidelines

FY23 program activity
Number of trade ventures: 8
Businesses assisted: 26

Recommended changes
No substantive changes

View Program guidelines

FY23 program activity
Total awards: 23
Award amount: $17,715,854
Leverage ratio: 5:1

Notes: Complete CY23 results not available at publication; FY23 results shown.

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
Total awards: 6
Award amount: $1,367,900
Leverage ratio: 28:1

Notes: In FY23, guidelines were updated to clarify that obligations and investments made by each party must be executed prior to the first draw of funds, reduce acreage requirements for certain projects in commercial corridor, and provide reduced match for projects located in an Economically Distressed County. The program budget was also amended down to $1,994,000. 

Recommended changes
Reduce time required for site to be vacant; Reduce acreage requirement for certain projects. 

View Program Guidelines

FY23 program activity
Total awards: 1
Award amount: $2,800,000

Notes: Complete CY23 results not available at publication; FY23 results shown

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
Main Street communities: 32
Connect Communities: 96
Businesses assisted: 130

Notes:  In FY23, guidelines were updated to expand eligibility for regional entities to apply for Connect Community status on behalf of smaller communities. 

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
Total awards: 33
Award amount: $95,572,278
Qualified Venture Fund Certifications: 11

Notes: Complete CY23 results not available at publication; FY23 results shown.

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
The program administered through CTC assisted 17 businesses and was awarded $1,500,000.

Recommended changes
No substantive changes.

View Program Guidelines

FY23 program activity
Total awards: 9
Award amount: $157,500

Notes: Legislative mandates for the FY2021-23 budget required WEDC to award up to $200,000 during each year of the 2021-23 biennium to award grants for cooperative feasibility studies from its state appropriations for operations and programs. 

Recommended changes
Sunset the program.

View Program Guidelines

FY23 program activity
Total awards: 8
Award amount: $2,706,000
Leverage ratio: 5:1

Notes: In FY23, guidelines were updated to accommodate SSBCI funding, and the non-SSBCI program budget was amended up to $2,706,000. 

Recommended changes
No substantive changes

View Program Guidelines

FY23 program activity
There were no new awards under this program.

Notes: In FY23, WEDC increased funding for the nine regional entities awarded in FY22 by $29,085,750 bringing the total amount awarded to $96,765,750 for the two years. These awards assisted 9,423 total businesses (4,295 additional businesses were assisted in FY23). 

Recommended changes
Sunset the program.

View Program Guidelines

FY23 program activity
No awards were executed. 

Recommended changes
Sunset the program.

View Program Guidelines