AB875-ASA1,1,97
15.155
(3m) Minority business development board. There is created a
8minority business development board attached to the department of commerce
9under s. 15.03 consisting of members appointed by the governor for 2-year terms.
AB875-ASA1, s. 2
10Section
2. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert
11the following amounts for the purposes indicated:
-
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AB875-ASA1, s. 3
1Section
3. 20.143 (1) (fm) of the statutes is created to read:
AB875-ASA1,2,32
20.143
(1) (fm)
Minority business projects; grants and loans. Biennially, the
3amounts in the schedule for grants and loans under s. 560.82.
AB875-ASA1,2,106
20.143
(1) (im)
Minority business projects; repayments. All moneys received
on
7or before June 30, 2009, in repayment of grants or loans under s. 560.82 (1m) (b)
, 2007 8stats., and
s. 560.82 (1m) (c)
, 2007 stats., and loans under
1997 Wisconsin Act 9,
9section
3, to be used for grants and loans under s.
560.45 and subch. II of ch. 560
10560.82 and for the study under
2009 Wisconsin Act 28, section
9110 (15u).
AB875-ASA1,2,1613
20.143
(1) (io)
Grant and loan repayments; forward innovation fund. All
14moneys received in repayment of grants or loans under subch. II of ch. 560
, grants
15or loans under s. 560.82 (1m) (b) and (c), 2007 stats., and loans under 1997 Wisconsin
16Act 9, section 3, to be used for grants and loans under subch. II of ch. 560.
AB875-ASA1, s. 6
17Section
6. 25.14 (1) (a) 20. of the statutes is created to read:
AB875-ASA1,2,1918
25.14
(1) (a) 20. The moneys from the appropriation under s. 20.143 (1) (fm),
19as described in s. 25.17 (59).
AB875-ASA1,3,72
25.17
(59) Invest or deposit money from the appropriation under s. 20.143 (1)
3(fm) in a public depository located in this state that is at least 51 percent owned by
4a minority group member or minority group members, as defined in s. 560.036 (1) (f).
5The board is relieved of any obligations relevant to prudent investment, including
6those set forth in s. 25.15 (2), of the moneys from the appropriation under s. 20.143
7(1) (fm).
AB875-ASA1,3,109
34.045
(1m) Subsection (1) (a) and (e) does not apply to the funds appropriated
10under s. 20.143 (1) (fm) that are deposited as provided in s. 34.05.
AB875-ASA1,3,2313
34.05
(1) The Except as provided in sub. (4), the governing board of each public
14depositor shall, by resolution, designate one or more public depositories, organized
15and doing business under the laws of this state or federal law and located in this
16state, in which the treasurer of the governing board shall deposit all public moneys
17received by him or her and specify whether the moneys shall be maintained in time
18deposits subject to the limitations of s. 66.0603 (1m), demand deposits, or savings
19deposits and whether a surety bond or other security shall be required to be
20furnished under s. 34.07 by the public depository to secure the repayment of such
21deposits. A designation of a public depository by the governing board shall be a
22designation of the public depository for all treasurers of the governing board and for
23all public depositors for which each treasurer shall act.
AB875-ASA1,4,4
134.05
(4) Money from the appropriation under s. 20.143 (1) (fm) shall be
2deposited in a public depository located in this state that is at least 51 percent owned
3by a minority group member or minority group members, as defined in s. 560.036 (1)
4(f).
AB875-ASA1,4,117
560.13
(2) (b) 1. The contribution required under par. (a) 3. may be in cash or
8in-kind. Cash contributions may be of private or public funds, excluding funds
9obtained under the program under s. 560.17 or under any program under subch. II
10or V
or VII of this chapter. In-kind contributions shall be limited to actual
11remediation services.
AB875-ASA1,4,1614
560.45
(1) The department may award a grant from the appropriations under
15s. 20.143 (1) (ie), (ig),
(im), and (ir) to a business for innovation and research
16assistance.
AB875-ASA1, s. 13
17Section
13. Subchapter VII of chapter 560 [precedes 560.80] of the statutes
18is created to read:
AB875-ASA1,4,2020
SUBCHAPTER VII
AB875-ASA1,4,2121
MInority business grants and Loans
AB875-ASA1,4,22
22560.80 Definitions. In this subchapter:
AB875-ASA1,4,23
23(1) "Board" means the minority business development board.
AB875-ASA1,5,2
24(2) "Development project" means the start-up of a business, or the expansion
25or acquisition of an existing business, that is or will be a minority business or the
1promotion of economic development and employment opportunities for minority
2group members or minority businesses.
AB875-ASA1,5,4
3(3) "Early planning project" means the preliminary stages of considering and
4planning the start-up or expansion of a business that will be a minority business.
AB875-ASA1,5,7
5(3m) "Education and training project" means a business education and
6training program for minority group members and minority businesses that have
7received loans for working capital from an eligible recipient under s. 560.82 (1m) (e).
AB875-ASA1,5,12
8(4) "Eligible development project costs" means costs that, in accordance with
9sound business and financial practices, are appropriately incurred in connection
10with a development project, but does not include entertainment expenses or
11expenses incurred more than 6 months before the board approves a grant or loan
12under s. 560.82 (1m) (b).
AB875-ASA1,5,13
13(5) "Eligible recipient" means any of the following:
AB875-ASA1,5,1414
(a) An individual who is a minority group member and a resident of this state.
AB875-ASA1,5,1515
(b) A minority business.
AB875-ASA1,5,1616
(c) A person who is eligible to receive a grant under s. 560.82 (1m) (d) or (e).
AB875-ASA1,5,18
17(5m) "Finance project" means financial assistance to a minority group member
18or a minority business described in s. 560.82 (1m) (d) and (e).
AB875-ASA1,5,22
19(6) "Job" means a regular, nonseasonal full-time position in which an
20individual, as a condition of employment, is required to work at least 2,080 hours per
21year, including paid leave and holidays. "Job" does not include initial training before
22an employment position begins.
AB875-ASA1,5,23
23(7) "Local development corporation" means any of the following:
AB875-ASA1,5,2524
(a) The elected governing body of a federally recognized American Indian tribe
25or band in this state or any business created by the elected governing body.
AB875-ASA1,6,3
1(b) A corporation organized under ch. 181 that is a nonprofit corporation as
2defined in s. 181.0103 (17), that is at least 51 percent controlled and actively
3managed by minority group members and that does all of the following:
AB875-ASA1,6,44
1. Operates primarily within specific geographic boundaries.
AB875-ASA1,6,65
2. Promotes economic development and employment opportunities for minority
6group members or minority businesses within the specific geographic area.
AB875-ASA1,6,97
3. Demonstrates a commitment to or experience in promoting economic
8development and employment opportunities for minority group members or
9minority businesses.
AB875-ASA1,6,11
10(8) "Minority business" means a minority business, as defined in s. 560.036 (1)
11(e), that has its principal place of business in this state.
AB875-ASA1,6,12
12(9) "Minority group member" has the meaning given in s. 560.036 (1) (f).
AB875-ASA1,6,14
13(10) "New minority business" means a minority business started as a result of
14an early planning project.
AB875-ASA1,6,16
15(11) "Project" means a development project, an early planning project, a
16finance project, an education and training project or a revolving fund project.
AB875-ASA1,6,20
17560.82 Minority business grants and loans. (1g) The department shall
18make a grant or loan to an eligible recipient or local development corporation under
19this section if the board awards a grant or loan to the eligible recipient or local
20development corporation under sub. (1m).
AB875-ASA1,6,22
21(1m) The board may award a grant or loan under this section to any of the
22following:
AB875-ASA1,6,2423
(a) Subject to s. 560.84, an eligible recipient, as defined in s. 560.80 (5) (a), to
24fund an early planning project.
AB875-ASA1,7,3
1(b) Subject to s. 560.84, an eligible recipient or local development corporation
2that submits application materials in a form specified by the department by rule to
3fund eligible development project costs.
AB875-ASA1,7,54
(c) A local development corporation to make grants or loans under sub. (2g) (a)
51. or to fund a revolving fund program under sub. (2g) (a) 2.
AB875-ASA1,7,86
(d) Subject to s. 560.84, a nonprofit organization or private financial
7institution, as defined in s. 234.01 (5k), whether or not for profit, to fund a finance
8project if all of the following apply:
AB875-ASA1,7,109
1. The financial institution or nonprofit organization uses the grant proceeds
10for any of the following purposes:
AB875-ASA1,7,1211
a. To make loans for working capital to minority group members and minority
12businesses.
AB875-ASA1,7,1413
b. To pay origination fees or other administrative costs associated with making
14loans for working capital to minority group members and minority businesses.
AB875-ASA1,7,1515
2. The loans for working capital under subd. 1. a. do not exceed $5,000.
AB875-ASA1,7,1816
(e) Subject to s. 560.84, the board may award a grant under this subsection to
17a nonprofit organization that is a minority business to fund an education and
18training project.
AB875-ASA1,7,21
19(2) The board may not award a grant or loan under sub. (1m) (a) unless the
20eligible recipient, as defined in s. 560.80 (5) (a), submits an application, in a form
21required by the department, that contains or describes all of the following:
AB875-ASA1,7,2222
(a) Potential locations of the new minority business.
AB875-ASA1,7,2323
(b) The ownership structure of the new minority business.
AB875-ASA1,7,2424
(c) The product or service provided by the new minority business.
AB875-ASA1,7,2525
(d) The market for the product or service described in par. (c).
AB875-ASA1,7,26
1(e) Competition within the market described in par. (d).
AB875-ASA1,8,22
(f) Any competitive advantages of the new minority business.
AB875-ASA1,8,43
(g) The eligible recipient's estimate of the gross revenue of the new minority
4business over a period specified by the department.
AB875-ASA1,8,65
(h) The process for manufacturing the product, or providing the services, of the
6new minority business.
AB875-ASA1,8,87
(i) An estimate of the number of jobs that will be created by the new minority
8business.
AB875-ASA1,8,99
(j) The eligible recipient's experience and training.
AB875-ASA1,8,1110
(k) The eligible recipient's estimate of the profit that will be generated by the
11new minority business over a period specified by the department.
AB875-ASA1,8,1312
(L) The eligible recipient's estimate of the capital required to complete the early
13planning project.
AB875-ASA1,8,1414
(m) Potential sources of financing for the early planning project.
AB875-ASA1,8,1515
(n) Any other information that the department requests.
AB875-ASA1,8,17
16(2g) The board may award a grant or loan under this subsection to a local
17development corporation if all of the following apply:
AB875-ASA1,8,1918
(a) The local development corporation agrees to use the proceeds of grants or
19loans under this section for any of the following:
AB875-ASA1,8,2120
1. To make grants or loans not exceeding $50,000 each to eligible
21
recipients to fund eligible development project costs.
AB875-ASA1,8,2422
2. To create, expand or continue a revolving fund program that is operated by
23the local development corporation and that benefits or will benefit minority
24businesses or minority group members who are residents of this state.
AB875-ASA1,9,3
1(b) The local development corporation agrees to use factors similar to those
2described in s. 560.84 (1) (a) to (k) and (2) (a) to (f) when making grants or loans under
3par. (a) 1. or under a revolving fund program under par. (a) 2.
AB875-ASA1,9,54
(c) The local development corporation submits an application, or other
5materials, in a form specified by the department by rule.
AB875-ASA1,9,8
6(3) An eligible recipient, as defined in s. 560.80 (5) (a), who receives a grant or
7loan under sub. (1m) (a) or s. 560.835 (6), 2001 stats., may only use the proceeds of
8the grant for the following purposes:
AB875-ASA1,9,99
(a) To perform a business feasibility study.
AB875-ASA1,9,1010
(b) To prepare a detailed marketing plan.
AB875-ASA1,9,1111
(c) To prepare a detailed business plan.
AB875-ASA1,9,12
12(4) The board may not do any of the following:
AB875-ASA1,9,1413
(a) Award in a fiscal biennium, for grants or loans under sub. (1m) (a), more
14than 25 percent of the total of all of the following:
AB875-ASA1,9,1515
1. The funds appropriated for the fiscal biennium under s. 20.143 (1) (fm).
AB875-ASA1,9,1816
2. The lesser of the funds received in a fiscal biennium in repayment of grants
17or loans under s. 560.83, 2005 stats., and this section or the funds appropriated for
18the fiscal biennium under s. 20.143 (1) (im).