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
Total awards: 9
Award amount: $2,224,700
Leverage ratio: 67:1
Recommended changes
Provide reduced match for projects located in an Economically Distressed area.
FY22 program activity
Total awards: 8
Award amount: $781,300
Leverage ratio: 66:1
Recommended changes
No substantive changes
FY22 program activity
No awards were executed.
Recommended changes:
No substantive changes
FY22 program activity
Total awards: 33
Award amount: $28,666,000
Jobs to be created: 2,245
Jobs to be retained: 5,298
Leverage ratio: 33:1
Notes: Complete CY22 results not available at publication; FY22 results shown
Recommended changes
No substantive changes
FY22 program activity
Total awards: 9
Award amount: $599,650
Notes: In FY22, the program budget was amended down to $664,920.
Recommended changes
No substantive changes
FY22 program activity
Total awards: 4
Award amount: $1,400,000
Businesses to be assisted: 45
Leverage ratio: 1:1
Notes: In FY22, the program budget was amended up to $1,400,000.
Recommended changes
No substantive changes
FY22 program activity
No new sites were certified.
Recommended changes
No substantive changes
FY22 program activity
Total awards: 41
Award amount: 8,602,600
Leverage ratio: 17:1
Notes: In FY22, the program budget was amended up to $8,877,500.
Recommended changes
Add competitive Vibrant Spaces Pilot
FY22 program activity
No awards were executed.
Notes: In FY22, the program budget was amended down to $600,000.
Recommended changes
No substantive changes
Total awards: 9
Award amount: $383,000
Businesses to be assisted: 144
Recommended changes
Add the competitive Ally Pilot.
FY22 program activity
No new awards in FY22
Notes: Complete CY22 results not available at publication; FY22 results shown. During FY22, the Generac zone was amended to increase the tax credit allocation by $9 million, the Milwaukee Electric Tool Company zone by $22.5 million and the Exact Sciences zone by $18.5 million.
Recommended changes
No substantive changes
FY22 program activity
The program administered through CTC assisted 140 businesses and was awarded $250,000.
Recommended changes
No substantive changes
FY22 program activity
Competitive cycle
Total awards: 5
Award amount: $170,850
Businesses to be assisted: 40
Open application cycle
Total awards: 19
Award amount: $2,543,800
Businesses to be assisted: 983
Notes: In FY22, the program budget was amended up to $2,900,650.
Recommended changes
Revise the program to make it fully competitive.
FY22 program activity
The program administered through WCMP assisted 21 businesses and was awarded $153,000.
Recommended changes
No substantive changes
FY22 program activity
Total awards: 21
Award amount: $508,029
Notes: In FY22, the program budget was amended up to $508,050.
Recommended changes
Revise the program to a continuous application process.
FY22 program activity
Total awards: 54
Award amount: $1,071,100
Collaborative Market Access Grant
Total awards: 3
Businesses to be assisted: 41
Notes: In FY22, the program budget was amended down to $1,088,880.
Recommended changes
No substantive changes
Number of trade ventures: 5
Businesses assisted: 32
Recommended changes
No substantive changes
FY22 program activity
Total awards: 16
Award amount: $22,844,762
Leverage ratio: 5:1
Notes: Complete CY22 results not available at publication; FY22 results shown.
Recommended changes
No substantive changes
FY22 program activity
Total awards: 7
Award amount: $1,750,000
Leverage ratio: 7:1
Notes: In FY22, the program budget was amended up to $2,250,000.
Recommended changes
Provide reduced match for projects located in an Economically Distressed area.
FY22 program activity
Total awards: 3
Award amount: $53,357,500
Notes: Complete CY22 results not available at publication; FY22 results shown
Recommended changes
No substantive changes
FY22 program activity
Main Street communities: 34
Connect Communities: 84
Businesses assisted: 136
Recommended changes
No substantive changes
FY22 program activity
Total awards: 37
Award amount: $95,100,380
Qualified Venture Fund Certifications: 7
Notes: Complete CY22 results not available at publication; FY22 results shown. Effective December 2022, WEDC updated the certification and recertification amounts to follow the allowable statutory maximum credit amount of $3,000,000.
Recommended changes
No substantive changes
FY22 program activity
The program administered through CTC assisted 18 businesses and was awarded $1,500,000.
Recommended changes
No substantive changes
FY22 program activity
Total awards: 12
Award amount: $1,597,600
Businesses to be assisted: 30
Leverage ratio: 3:1
Notes: In FY22, the program budget was amended down to $1,660,000. Seven cooperative feasibility awards totaling $152,600 were made in FY22. The FY21-23 Biennial Budget required WEDC to make available up to $200,000 in each year of the biennium for such studies.
Recommended changes
Reduce initial budget to target funding to cooperative feasibility studies.
FY22 program activity
Total awards: 15
Award amount: $4,844,400
Leverage ratio: 7:1
Notes: In FY22, the program budget was amended up to $6,212,500.
Recommended changes
No substantive changes
FY22 program activity
Total awards: 9
Award amount: $67,680,000
Businesses assisted: 5,128
Notes: In FY22, the program budget was increased to $75,000,000.
Recommended changes
This COVID-19 response program is expected to sunset during FY23.
Total awards: 1
Award amount: $37,500
Recommended changes
No substantive changes
FY22 program activity
No awards were executed.
Recommended changes
Sunset the program.