560.51(2)(a)
(a) Educating the entrepreneur about starting a business.
560.51(2)(b)
(b) Evaluating the business' proposed product or service.
560.51(2)(c)
(c) Preparing a business plan acceptable to investors.
560.51(2)(f)
(f) Providing ongoing managerial assistance and monitoring compliance with the business plan after the start-up of the business.
560.51(3)
(3) "Intermediary" means either a person who provides continuing assistance or services to an entrepreneur who is starting a business with significant growth potential, as evidenced by the potential ability to attract and receive venture capital financing, or a consultant who works with such an entrepreneur on a specific task, such as market evaluation, manufacturing techniques or product design.
560.51(4)
(4) "Intermediary assistance program" means a program that directly or indirectly trains or assists an intermediary in developing or using skills necessary to serve an entrepreneur.
560.51(5)
(5) "Metropolitan area" means an urban area and surrounding territory in this state that includes at least one city or village with a population of 25,000 or more.
560.51(6)
(6) "Network" means an organized arrangement for exchanging materials, information and services among entrepreneurs, intermediaries, institutional venture capital investors, other venture capital investors and persons who assist entrepreneurs, intermediaries or venture capital investors.
560.51 History
History: 1987 a. 320.
560.53
560.53
Intermediary assistance programs. 560.53(1)(1)
Regional and statewide programs. The department shall arrange intermediary assistance programs, for regional or statewide meetings of industry, trade and professional organizations, that introduce members of the organizations to the procedures by which venture capital is invested in new businesses and the opportunities for the members to become intermediaries.
560.53(2)(a)(a) In one or more metropolitan areas, the department shall identify individuals and organizations that assist intermediaries, are interested in assisting intermediaries or are interested in becoming intermediaries or developing a local network.
560.53(2)(b)
(b) The department shall assist the individuals and organizations identified under
par. (a) in developing, to the extent feasible, self-sustaining intermediary assistance programs. An intermediary assistance program may do any of the following:
560.53(2)(b)1.
1. Provide an inventory of existing intermediaries in the metropolitan area.
560.53(2)(b)3.
3. Develop a network between the metropolitan area and other metropolitan areas.
560.53(2)(b)4.
4. Train intermediaries on subjects identified as necessary by the intermediaries participating in the intermediary assistance programs, including the preparation of business plans and the applicability of relevant securities regulations.
560.53(2)(b)5.
5. Establish mechanisms to refer entrepreneurs to appropriate intermediaries in the metropolitan area or in other metropolitan areas.
560.53(2)(b)6.
6. Evaluate the effectiveness of the intermediary assistance program, including the collection of data necessary to conduct the evaluation.
560.53 History
History: 1987 a. 320.
560.54
560.54
State agency coordination. The department shall coordinate entrepreneurial assistance programs and intermediary assistance programs offered by agencies by doing any of the following:
560.54(1)
(1) Identifying the needs of entrepreneurs and intermediaries relating to the development in the state of new businesses with high growth potential.
560.54(2)
(2) Ensuring that individuals assisting entrepreneurs and intermediaries have the training necessary to provide adequate assistance.
560.54(3)
(3) Ensuring that existing and new entrepreneurial assistance programs and intermediary assistance programs are matched to the needs of the entrepreneurs and intermediaries.
560.54(4)
(4) Ensuring that agencies and other persons which provide entrepreneurial assistance programs and intermediary assistance programs understand the responsibilities of the agencies which provide entrepreneurial assistance programs and intermediary assistance programs.
560.54 History
History: 1987 a. 320.
WISCONSIN DEVELOPMENT FUND
560.60
560.60
Definitions. In this subchapter:
560.60(2)
(2) "Business" means a company located in this state, a company which has made a firm commitment to locate a facility in this state or a group of companies at least 80% of which are located in this state.
560.60(3m)
(3m) "Eligible activities" means any of the following:
560.60(3m)(d)
(d) Providing assistance to technology-based businesses or to businesses at a foreign trade show or event.
560.60(3m)(e)
(e) Promoting urban or regional economic development.
560.60(3m)(h)
(h) Promoting employee ownership through all of the following:
560.60(3m)(h)1.
1. Conducting feasibility studies to investigate the reorganization or new incorporation of existing businesses as employee-owned businesses.
560.60(4)
(4) "Eligible recipient" means a governing body or a person who is eligible to receive a grant or loan under
s. 560.61.
560.60(6)
(6) "Governing body" means a county board, city council, village board, town board, regional planning commission or transit commission under
s. 59.58 (2) or
66.1021.
560.60(14)
(14) "Project" means a business development that increases the productivity of a business or its employees in this state, leads to significant capital investment in a business in this state, leads to the retention of existing jobs in this state or creates new jobs in this state.
560.60(15)
(15) "Small business" means a business with fewer than 100 employees, including employees of any subsidiary or affiliated organization.
560.602
560.602
Policies and standards for awarding grants and loans. The department, with the approval of the board, shall promulgate rules to establish policies and standards for awarding grants and loans under this subchapter. The rules shall include all of the following:
560.602(1)
(1) A statement of the department's economic development policy that is consistent and coordinated with economic development policies expressed in the statutes and established by other state agencies.
560.602(5)
(5) Provisions for the development of a biennial plan for awarding grants and loans under this subchapter, before the commencement of each odd-numbered fiscal year, and for the submission of the biennial plan to the governor and the chief clerk of each house of the legislature for distribution to the appropriate standing committees under
s. 13.172 (3).
560.602 History
History: 1991 a. 269.
560.605
560.605
Grant and loan criteria; generally. 560.605(1)
(1) Upon receipt of an application by an eligible recipient, the board may consider any of the following in determining whether to award a grant or loan under
s. 560.61:
560.605(1)(b)
(b) Whether the project will retain or increase employment in this state.
560.605(1)(c)
(c) Whether the project might not occur without the grant or loan.
560.605(1)(d)
(d) Whether financing is available from another source on reasonably equivalent terms.
560.605(1)(e)
(e) The extent to which the project will be financed with funds not provided by this state.
560.605(1)(g)
(g) Whether funds from the grant or loan will be used to pay overhead costs or to replace funds from another source.
560.605(1)(h)
(h) Whether the project will displace workers in this state.
560.605(1)(j)
(j) The extent to which the project will retain or increase employment in this state.
560.605(1)(k)
(k) The extent to which the project will contribute to the economic growth of this state and the well-being of the residents of this state.
560.605(1)(L)
(L) Whether the project will be located in an area of high unemployment or low average income.
560.605(1)(m)
(m) The financial soundness of the eligible recipient.
560.605(1)(n)
(n) The intention of the eligible recipient to repay the grant or loan.
560.605(1)(o)
(o) Whether the project will be located in a targeted area.
560.605(1)(p)
(p) For an ethanol production facility on which construction begins after July 27, 2005, whether a competitive bidding process is used for the construction of the ethanol production facility.
560.605(2m)
(2m) When considering whether a project will be located in a targeted area, the board may consider any of the following:
560.605(2m)(b)
(b) Whether the area has a low median household income.
560.605(2m)(f)
(f) Whether a significant number of workers in the area have been permanently laid off by their employers or whether public notice has been given by an employer of either a plant closing or a substantial reduction in work force that will result in a significant number of workers in the area being laid off permanently.
560.605(2m)(g)
(g) Whether the area is designated as a development zone under
s. 560.71 or as an enterprise development zone under
s. 560.797.
560.605(2m)(h)
(h) Any other factor the board considers to be an appropriate indicator of a targeted area.
560.605(7)
(7) The board shall award not less than 35 percent of the total amount of grants and loans made under this subchapter to businesses in distressed areas. In this paragraph, "distressed area" means an area to which any of the following apply:
560.605(7)(c)
(c) A significant number of workers in the area have been permanently laid off.
560.605(7)(d)
(d) An employer in the area has given public notice of a plant closing or a substantial reduction in force that will result in a significant number of workers in the area being permanently laid off.
560.605(7)(e)
(e) The area is designated as a development zone under
s. 560.71 or an enterprise development zone under
s. 560.797.
560.605(7)(f)
(f) As determined by the board, the area is affected by another factor that indicates the area is a distressed area.
560.607
560.607
Miscellaneous and administrative expenditures. In each biennium, the department may expend or encumber up to a total of 1% of the moneys appropriated under
s. 20.143 (1) (c) for that biennium for any of the following:
560.607(1)
(1) Evaluations of proposed technical research projects.
560.607(3)
(3) Evaluation costs, collection costs, foreclosure costs and other costs associated with administering the loan portfolio under this subchapter, excluding staff salaries.
560.607 History
History: 1999 a. 9 ss.
2993,
2996;
2007 a. 20,
125.
560.61
560.61
Wisconsin development fund. At the request of the board, the department may make a grant or loan to an eligible recipient from the appropriations under
s. 20.143 (1) (c) and
(ie).
