2017 - 2018 LEGISLATURE
ASSEMBLY AMENDMENT 3,
TO ASSEMBLY BILL 912
February 13, 2018 - Offered by Representative Tranel.
Grants for revolving loan funds.
(a) In this subsection and in sub. (3r), 4
“eligible organization” means each county economic development organization 5
serving a rural county and each regional economic development organization serving 6
a rural county that the corporation determines under par. (d) is eligible for a grant 7
under par. (c).
(b) From the appropriation under s. 20.192 (1) (bm), the corporation shall 9
allocate $5,000,000 for grants under this subsection.
(c) The corporation shall award a onetime grant of $250,000 to each eligible 11
organization, or shall grant a smaller amount if the eligible organization so elects. 12
The corporation may award a onetime grant of more than $250,000 to a consortium 13
of rural counties or a consortium of eligible organizations. An eligible organization
or a consortium receiving a grant under this paragraph shall expend the grant 2
moneys only for the purpose of creating or expanding a revolving loan fund that 3
promotes economic development and entrepreneurial start-ups in a rural county 4
served by the eligible organization or in rural counties served by the consortium.
(d) In determining whether a county economic development organization 6
serving a rural county or regional economic development organization serving a 7
rural county is eligible for a grant under par. (c), the corporation shall consider all 8
of the following:
1. Whether the organization has appropriate fiscal and administrative policies 10
and procedures in place.
2. Whether the organization's staff is sufficient and qualified by education or 12
experience to administer a revolving loan fund.
3. Whether the organization can provide at least 2 examples of projects 14
financed with public funding that the organization has taken from grant application 15
to project completion.
4. Whether the organization has experience or a history of serving the 17
community with economic development projects.
Grants for program operations and marketing.
(a) From the 19
appropriation under s. 20.192 (1) (bm), the corporation shall award a grant of 20
$50,000, or shall grant a smaller amount if the eligible organization so elects, per 21
fiscal year to each eligible organization, subject to all of the following:
1. The eligible organization shall expend all grant moneys received under this 23
paragraph only for the purpose of program operations and marketing within a rural 24
county served by the eligible organization.
2. The eligible organization shall submit an annual report to the corporation 2
concerning the organization's use of each grant under this paragraph. The report 3
shall include a description of all marketing efforts undertaken as a result of the 4
(b) A rural county served by an eligible organization or a consortium receiving 6
a grant under par. (a) may not use or depend on grant moneys to support existing 7
funding for economic development purposes.”.
“(5m) Focus on underserved communities.
In administering this section, the 11
corporation shall make every effort to ensure that underserved communities in rural 12
counties are prioritized.”.