2017 - 2018 LEGISLATURE
SENATE AMENDMENT 1,
TO SENATE BILL 769
February 13, 2018 - Offered by
Joint Committee on Finance.
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 to a consortium of eligible organizations in lieu of a grant to
individual counties that are members of the consortium. An eligible organization or 2
a consortium receiving a grant under this paragraph shall expend the grant moneys 3
only for the purpose of creating or expanding a revolving loan fund that promotes 4
economic development and entrepreneurial start-ups in a rural county served by the 5
eligible organization or in rural counties served by the consortium.
(d) In determining whether a county economic development organization 7
serving a rural county or regional economic development organization serving a 8
rural county is eligible for a grant under par. (c), the corporation shall consider all 9
of the following:
1. Whether the organization has appropriate fiscal and administrative policies 11
and procedures in place.
2. Whether the organization's staff is sufficient and qualified by education or 13
experience to administer a revolving loan fund.
3. Whether the organization can provide at least 2 examples of projects 15
financed with public funding that the organization has taken from grant application 16
to project completion.
4. Whether the organization has experience or a history of serving the 18
community with economic development projects.
Grants for program operations and marketing.
(a) From the 20
appropriation under s. 20.192 (1) (bm), the corporation shall award a onetime grant 21
of $50,000 to each eligible organization, or shall grant a smaller amount if the eligible 22
organization so elects, subject to all of the following:
1. The eligible organization shall expend all grant moneys received under this 24
paragraph only for the purpose of program operations and marketing within a rural 25
county served by the eligible organization.
2. The eligible organization shall submit a report to the corporation no later 2
than 180 days after the last day of the state fiscal year in which the grant is awarded 3
concerning the organization's use of the grant under this paragraph. The report shall 4
include a description of all marketing efforts undertaken as a result of the grant.
(b) A rural county served by an eligible organization receiving a grant under 6
par. (a) may not use or depend on grant moneys to support existing funding for 7
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.”.