560.82(1)(1) Subject to
s. 560.84, the department may award a grant under this section to an eligible recipient to fund an early planning project.
560.82(2)
(2) The department may not award a grant under
sub. (1) unless the eligible recipient submits an application, in a form required by the department, that contains or describes all of the following:
560.82(2)(a)
(a) Potential locations of the new minority business.
560.82(2)(b)
(b) The ownership structure of the new minority business.
560.82(2)(c)
(c) The product or service provided by the new minority business.
560.82(2)(d)
(d) The market for the product or service described in
par. (c).
560.82(2)(f)
(f) Any competitive advantages of the new minority business.
560.82(2)(g)
(g) The eligible recipient's estimate of the gross revenue of the new minority business over a period specified by the department.
560.82(2)(h)
(h) The process for manufacturing the product, or providing the services, of the new minority business.
560.82(2)(i)
(i) An estimate of the number of jobs that will be created by the new minority business.
560.82(2)(j)
(j) The eligible recipient's experience and training.
560.82(2)(k)
(k) The eligible recipient's estimate of the profit that will be generated by the new minority business over a period specified by the department.
560.82(2)(L)
(L) The eligible recipient's estimate of the capital required to complete the early planning project.
560.82(2)(m)
(m) Potential sources of financing for the early planning project.
560.82(2)(n)
(n) Any other information that the department requests.
560.82(3)
(3) An eligible recipient who receives a grant under
sub. (1) or s.
560.835 (6), 2001 stats., may only use the proceeds of the grant for the following purposes:
560.82(4)
(4) In any fiscal biennium, the department may not do any of the following:
560.82(4)(a)
(a) Award in a fiscal biennium, for grants under
sub. (1), more than 25% of the total of all of the following:
560.82(4)(a)2.
2. The lesser of the funds received in a fiscal biennium in repayment of grants or loans under
s. 560.83 or the funds appropriated for the fiscal biennium under
s. 20.143 (1) (im).
560.82(4)(b)
(b) Award, to any one eligible recipient or for any one early planning project, grants under
sub. (1) that total more than $15,000.
560.82(5)(a)(a) The department may only award grants under
sub. (1) to individuals who are minority group members and residents of this state.
560.82(5)(b)
(b) If the department awards a grant under
sub. (1), the department may contract directly with and pay grant proceeds directly to any person providing technical or management assistance to the grant recipient.
560.83
560.83
Minority business development and revolving fund grants and loans. 560.83(1)
(1) Subject to
s. 560.84, the board may award a grant or loan under this subsection to an eligible recipient or a local development corporation to fund eligible development project costs.
560.83(2)
(2) The board may award a grant or loan under this subsection to a local development corporation if all of the following apply:
560.83(2)(a)
(a) The local development corporation agrees to use the proceeds of grants or loans under this section for any of the following:
560.83(2)(a)1.
1. To make grants or loans not exceeding $50,000 each to eligible recipients to fund eligible development project costs.
560.83(2)(a)2.
2. To create, expand or continue a revolving fund program that is operated by the local development corporation and that benefits or will benefit minority businesses or minority group members who are residents of this state.
560.83(3)
(3) The board may not award a grant or loan under
sub. (1) or
(2) unless the eligible recipient or the local development corporation submits an application, or other materials, in a form specified by the department by rule.
560.83(4)(a)(a) In any fiscal biennium, the board may not award, to any one eligible recipient or local development corporation or for any one development project, grants or loans under
sub. (1) that total more than $100,000 in a fiscal biennium.
560.83(4)(b)
(b) In any fiscal year, the board may not award to any one local development corporation grants or loans under
sub. (2) that total more than $200,000.
560.83(5)
(5) In addition to local development corporations, the board may award grants or loans under
sub. (1) only to persons who are any of the following:
560.83(5)(a)
(a) Minority group members who are residents of this state.
560.83 History
History: 1989 a. 31;
1997 a. 27;
1999 a. 9.
560.837
560.837
Minority business development finance and education and training grants. 560.837(1)
(1) Subject to
s. 560.84, the board may award a grant under this subsection to a nonprofit organization or private financial institution, as defined in
s. 234.01 (5k), whether or not for profit, to fund a finance project if all of the following apply:
560.837(1)(a)
(a) The financial institution or nonprofit organization uses the grant proceeds for any of the following purposes:
560.837(1)(a)1.
1. To make loans for working capital to minority group members and minority businesses.
560.837(1)(a)2.
2. To pay origination fees or other administrative costs associated with making loans for working capital to minority group members and minority businesses.
560.837(2)
(2) Subject to
s. 560.84, the board may award a grant under this subsection to a nonprofit organization that is a minority business to fund an education and training project.
560.837 History
History: 1997 a. 27.
560.84
560.84
General criteria. 560.84(1)(1) The department or board may not award a grant or loan for a project under this subchapter unless, after considering the application or other material submitted by the eligible recipient or local development corporation, the department or board determines all of the following:
560.84(1)(b)1.1. If an early planning project under
s. 560.82, that the project will increase employment in this state.
560.84(1)(b)2.
2. If a development project, that the project will retain or increase employment in this state.
560.84(1)(c)
(c) That the project is not likely to occur without the grant or loan.
560.84(1)(d)
(d) That financing is unavailable from any other source on reasonably equivalent terms.
560.84(1)(e)
(e) That the eligible recipient or local development corporation receiving the grant or loan will contribute, from a source or sources other than the state, whichever of the following applies:
560.84(1)(e)1.
1. For grants funding early planning projects under
s. 560.82, not less than 25% of the cost of the project. Up to 50% of the contribution under this subdivision may be in the form of the in-kind services of a qualified 3rd party or qualified 3rd parties. The department shall determine what services may be used as in-kind contributions and whether a 3rd party is qualified, for purposes of this subdivision.
560.84(1)(e)2.
2. For grants and loans funding development projects, a cash contribution of not less than 25% of the cost of the project.
560.84(1)(e)3.
3. For a grant or loan funding a revolving fund project, a cash contribution of not less than 50% of the cost of the project.
560.84(1)(g)
(g) That funds from the grant or loan will not be used to replace funds from any other source.
560.84(1)(h)
(h) That the project will not displace workers in this state.
560.84(1)(i)
(i) That the project has sufficient potential to be profitable.
560.84(1)(im)
(im) If a development project, that the project has the potential to promote economic development and employment opportunities for minority group members or minority businesses.
560.84(1)(j)
(j) If a development project, finance project, or education and training project, that funds from the grant or loan will not be used to refinance existing debt.
560.84(1)(k)
(k) That the project meets any other criteria established by the department by rule.
560.84(2)
(2) The board or department shall consider all of the following before awarding a grant or loan to an eligible recipient or local development corporation for a project:
560.84(2)(a)1.1. If an early planning project under
s. 560.82, the extent to which the project will increase employment in this state.
560.84(2)(a)2.
2. If a development project, the extent to which the project will retain or increase employment in this state.
560.84(2)(b)
(b) The extent to which the project will benefit minority group members who are residents of this state.
560.84(2)(c)
(c) If a development project, whether the project will be located in any or all of the following:
560.84(2)(c)2.
2. A development zone designated under
s. 560.71, a development opportunity zone designated under
s. 560.795 or an enterprise development zone designated under
s. 560.797.
560.84(2)(d)
(d) The extent to which the project will attract capital into locations where unemployment exceeds the state average and per capita income is below the state average.
560.84(2)(e)
(e) The likelihood that the project will be successful.
560.84(2)(f)
(f) If a development project, the financial soundness of the minority business involved in the project and the commitment of the eligible recipient to repay the loan or grant.
560.85(1)(1) The department shall promulgate rules for the administration of this subchapter. The department may not promulgate a rule under this subsection unless the proposed rule has been reviewed by the board.
560.85(2)
(2) The board shall develop a policy governing the repayment of grants and loans made under
s. 560.83. The board or department shall deposit moneys received in repayment of grants and loans under
s. 560.83 in the appropriation under
s. 20.143 (1) (im).
560.85(3)
(3) The department shall do all of the following:
560.85(3)(a)
(a) Develop procedures to evaluate applications and monitor project performance for grants awarded for early planning projects under
s. 560.82 or
s. 560.835 (6), 2001 stats.
560.85(3)(b)
(b) Develop procedures, with the approval of the board, to evaluate applications, monitor project performance and audit grants and loans awarded for development projects under
s. 560.83, projects under s.
560.835, 2001 stats., and finance projects and education and training projects under
s. 560.837.
