234.69(1)(f)
(f) "Small business" means a business entity, including a parent corporation or any subsidiary or affiliated corporation, that employs fewer than 51 full-time employes.
234.69(2)
(2) Eligible loans. A loan made by a participating lender is eligible for guarantee of collection from the Wisconsin development reserve fund under
s. 234.93 if all of the following apply:
234.69(2)(a)
(a) The borrower is a small business that is located in a nonattainment area.
234.69(2)(b)
(b) The borrower uses the loan proceeds for direct or related expenses, as determined by the authority, that are associated with the purchase or upgrading of equipment or machinery, or with the upgrading of the physical plant of the small business, and the purchase or upgrading enables the small business to comply with the air pollution control requirements of any of the following:
234.69(2)(c)
(c) The loan proceeds are not applied to the outstanding balance of any other loan.
234.69(2)(d)
(d) The authority approves the interest rate on the loan, including any origination fees or other charges.
234.69(2)(e)
(e) The total outstanding principal amount of all of the borrower's loans that are guaranteed by the authority under this section does not exceed $50,000.
234.69(2)(f)
(f) The participating lender obtains a security interest in the equipment, machinery, physical plant or other assets to secure repayment of the loan.
234.69(2)(g)
(g) The loan term does not extend beyond 15 years after the date on which the participating lender disburses the loan unless the loan is extended by the authority.
234.69(2)(h)
(h) The participating lender considers the borrower's assets, cash flow and managerial ability sufficient to preclude voluntary or involuntary liquidation for the loan term granted by the participating lender.
234.69(2)(i)
(i) The participating lender agrees to the percentage of guarantee established for the loan by the authority.
234.69(3)(a)(a) Subject to
par. (b), the authority shall guarantee collection of a percentage, not exceeding 90%, of the principal of any loan eligible for a guarantee under
sub. (2). The authority shall establish the percentage of the unpaid principal of an eligible loan that will be guaranteed by using the procedures described in the guarantee agreement under
s. 234.93 (2) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.
234.69(3)(b)
(b) Except as provided in
s. 234.93 (3), the total outstanding principal amount of all guaranteed loans under
par. (a) may not exceed $1,000,000.
234.69 History
History: 1993 a. 16;
1995 a. 227.
234.70
234.70
Bonds for residential facilities for the elderly or chronically disabled. 234.70(1)
(1) Upon the authorization of the department of health and family services, the authority may issue bonds or notes and make loans for the financing of housing projects which are residential facilities as defined in
s. 46.28 (1) (d) and the development costs of those housing projects, if the department of health and family services has approved the residential facilities for financing under
s. 46.28 (2). The limitations in
ss. 234.18 (1) and
(2),
234.40,
234.50,
234.60,
234.65 and
234.66 do not apply to bonds or notes issued under this section. The definition of "nonprofit corporation" in
s. 234.01 (9) does not apply to this section.
234.70(2)(a)(a) The aggregate amount of outstanding bonds or notes issued under this subsection may not exceed $99,400,000.
234.70(2)(b)
(b) Of the amount specified in
par. (a), $30,000,000 may only be used to finance residential facilities serving 15 or fewer persons who are chronically disabled, as defined in
s. 46.28 (1) (b).
234.70(2)(c)1.1. Of the amount specified in
par. (a), $48,580,000 may only be used to finance residential facilities with 100 or fewer units for elderly persons, as defined in
s. 46.28 (1) (c) or to finance additional residential facilities serving 15 or fewer persons who are chronically disabled.
234.70(2)(c)2.
2. The remainder of the amount specified in
par. (a) may only be used to finance residential facilities with 50 or fewer units for elderly persons, as defined in
s. 46.28 (1) (c), or to finance additional residential facilities serving 15 or fewer persons who are chronically disabled.
234.70(2)(c)3.
3. At least 20% of the units in any residential facility serving elderly persons for which bonds or notes are issued under this paragraph shall be reserved for low-income elderly persons.
234.70(3)
(3) The authority is not required to issue bonds or notes under this section to finance residential facilities for persons and families of low and moderate income.
234.75(2)
(2) "Eligible contract" means a contract entered into with the federal government, this state, a state agency, a local governmental unit or a financially secure business.
234.75(3)
(3) "Eligible project" means the work to be performed under an eligible contract by a person who seeks financial assistance under
s. 234.765.
234.75(5)
(5) "Financially secure business" means a business with annual gross revenue of at least $10,000,000 and that has a high credit rating.
234.75(10)
(10) "State agency" means any office, department, agency, institution of higher education, association, society or other body in state government created or authorized to be created by the constitution or any law which is entitled to expend moneys appropriated by law, including the legislature and the courts, and the authority, the Bradley center sports and entertainment corporation, the University of Wisconsin Hospitals and Clinics Authority and the health and educational facilities authority.
234.75 History
History: 1989 a. 31,
359;
1995 a. 27.
234.76
234.76
Qualifications for financial assistance. 234.76(1)
(1) A natural person qualifies for financial assistance under
ss. 234.75 to
234.802 if the authority determines that all of the following apply:
234.76(1)(a)
(a) The person has a reputation for financial responsibility among his or her creditors and employers and other persons who know the applicant.
234.76(1)(c)
(c) The person is unable to obtain adequate business financing on reasonable terms and at least one of the following applies:
234.76(1)(c)2.
2. The person is a minority group member and the unemployment rate for members of that minority group in this state exceeds a rate that the authority determines is significantly higher than the statewide average rate.
234.76(1)(c)3.
3. The person is a woman and the unemployment rate among women in this state exceeds a rate that the authority determines is significantly higher than the statewide average rate.
234.76(1)(d)
(d) The person meets at least one of the requirements of
sub. (4).
234.76(2)
(2) A person that is not a natural person qualifies for financial assistance under
ss. 234.75 to
234.802 if all of the following apply:
234.76(2)(a)
(a) The person is at least 51% owned by residents of this state who have a reputation for financial responsibility.
234.76(2)(b)
(b) The person is unable to obtain adequate business financing on reasonable terms and at least one of the following applies:
234.76(2)(b)2.
2. The person is at least 51% owned by minority group members and the unemployment rate for members of those minority groups in this state exceeds a rate the authority determines is significantly higher than the statewide average rate.
234.76(2)(b)3.
3. The person is at least 51% owned by women and the unemployment rate among women in this state exceeds a rate the authority determines is significantly higher than the statewide average rate.
234.76(2)(c)
(c) The person meets at least one of the requirements of
sub. (4).
234.76(4)(a)
(a) The annual gross revenue of the person, together with any parent, subsidiary or affiliate corporation, does not exceed $2,500,000.
234.76(4)(b)
(b) The person, together with any parent, subsidiary or affiliate corporation, employs fewer than 25 employes on a full-time basis.
234.76 History
History: 1989 a. 31,
359;
1993 a. 16.
234.765
234.765
Small business loan guarantees. 234.765(1)
(1) The authority may use money from the Wisconsin development reserve fund under
s. 234.93 to guarantee a loan if all of the following apply:
234.765(1)(c)
(c) The proceeds of the loan are used primarily to pay expenses necessary to perform on an eligible contract.
234.765(1)(d)
(d) The total amount for which the authority may be held liable on the guarantee, including interest and other expenses, does not exceed $200,000.
234.765(1)(e)
(e) The borrower previously applied for a loan on equivalent terms without a guarantee and the application was denied.
234.765(3)
(3) The authority shall establish the terms and conditions of guarantees under this section.
234.765(4)(a)(a) Subject to
par. (b), the authority shall guarantee collection of a percentage, not exceeding 90%, of the principal of any loan eligible for a guarantee under
sub. (1). The authority shall establish the percentage of the principal of an eligible loan that will be guaranteed, using the procedures described in the agreement under
s. 234.93 (2) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.
234.765(4)(b)
(b) Except as provided in
s. 234.93 (3), the total outstanding guaranteed principal amount of all loans that the authority may guarantee under
par. (a) may not exceed $2,000,000.
234.80
234.80
Applications for small business financial assistance. 234.80(1)(1) A person seeking financial assistance under
s. 234.765 shall submit an application in a form established by the authority. The authority may require the person to provide any information that the authority considers necessary in the application.
234.80(5)
(5) Before acting on an application submitted under this section, the authority may require a balance sheet or other financial statement audited by a certified public accountant.
234.80 History
History: 1989 a. 31.
234.802
234.802
Financial assistance; fees. The authority may establish premiums, fees or other charges for providing financial assistance under programs guaranteed by the Wisconsin development reserve fund.
234.802 History
History: 1989 a. 31,
359;
1993 a. 394.
234.82
234.82
Business improvement or start-up loan guarantee program. 234.82(1)(a)
(a) "Eligible business" means any of the following:
234.82(1)(a)1.
1. A business that is primarily engaged in or derives a substantial percentage of its annual gross revenue from furnishing goods, services, lodging, recreation facilities or amusement facilities to tourists or from furnishing goods or services to such businesses.
234.82(1)(a)2.
2. A business that derives more than 50% of its annual gross revenue from furnishing lodging.
234.82(1)(b)
(b) "Tourist" means a person who resides away from his or her permanent residence for a continuous period of less than 31 days or on a seasonal basis.
234.82(2)
(2) Guarantee requirements. The authority may use money from the Wisconsin development reserve fund to guarantee a business improvement or start-up loan if all of the following apply:
234.82(2)(a)
(a) The borrower qualifies as an eligible borrower under
sub. (3).
234.82(3)
(3) Eligible borrower. A person qualifies as an eligible borrower if all of the following apply:
