Minority Business Development

Program Goal:

The goal of the Minority Business Development (MBD) Program is to support new and expanding minority, woman and veteran owned businesses in the state of Wisconsin.

This program primarily supports the following WEDC Strategic Pillar and Focus Area:

Community and Economic Opportunity: Minority Business Development

Program Description:

The program is designed to support minority, women and veteran business development through direct assistance to nonprofit organizations in Wisconsin.

The funding is intended to promote investment and job retention and creation in minority communities and underserved markets by increasing access to capital and business development and training opportunities.

Eligibility Requirements:

Eligible grant applicants are nonprofit organizations that provide business financing, training or technical assistance to the minority and underserved business community. The recipient must demonstrate professional capacity, financial stability and viability, and a demonstrated need.

Incentives and Available Funding (FY19): $150,000

The incentives in this program are grants to eligible nonprofit entities to provide technical assistance, training, and/or micro-loans to minority, women, and veteran owned businesses.

Activities and Expected Outcomes:

Award three organizations to support 85 businesses

Performance Reporting:

Recipients will be required to submit periodic reports on the number of businesses assisted, as well as any other contract deliverable.

WEDC may impose additional reporting requirements to evaluate project performance and to ensure compliance with contract deliverables.

Application and Awards Process:

The MBD Program has a continuous application process. Applicants for a MBD Grant should complete an application through a regional economic development director. The completed application will be assigned to an underwriter and go through the award review process.

For more information on application review, internal process and award distribution, please refer to WEDC’s award administration policies and procedures.

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