560.16(1)(c)2.
2. Shares are voted in such a manner that the vote of the majority of employes controls the vote of the majority of shares;
560.16(1)(c)3.
3. Voting rights on corporate matters for shares held in a trust for the employes shall pass through to those employes, at least to the extent required by the pass-through voting requirements under
26 USC 409A (e); and
560.16(1)(c)4.
4. The majority of the members of the board of directors are elected by the employes.
560.16(1)(e)
(e) "Existing business" means the assets of any business that is located in this state and that is operating or has ceased operating.
560.16(1)(f)
(f) "Existing business group" means a group formed by or on behalf of the current or former employes of an existing business that is considering layoffs or a closing or that has experienced layoffs or a closing for the purpose of determining the feasibility of assuming ownership or control of the existing business and operating it as an employe-owned business.
560.16(1)(h)
(h) "Professional services" includes, but is not limited to, accounting services, engineering studies, design assistance, architectural services, appraisal services, marketing assistance, attorney services, financial packaging and employe relations services.
560.16(2)
(2) Employe ownership assistance loans. 560.16(2)(a)(a) From the appropriations under
s. 20.143 (1) (c) and
(ie), the department may make loans to existing business groups for a feasibility study to investigate the reorganization or new incorporation of an existing business as an employe-owned business and for professional services to implement the study.
560.16(2)(b)
(b) The department may not make a loan under this section unless the board has approved the loan.
560.16(2)(c)
(c) The board may not approve a loan under this section unless the board has considered all of the following:
560.16(2)(c)1.
1. The number of employes affected by the considered or actual closing or layoff by the business.
560.16(2)(c)3.
3. The economic impact of the considered or actual closing or layoff by the business on the community, region or state.
560.16(2)(c)4.
4. A preliminary assessment of the viability of the employe-owned business or proposed employe-owned business and, in the case of a proposed employe-owned business, the potential for a successful buy out by the group.
560.16(2)(d)
(d) The board may approve a loan regardless of the number of employes laid off or to be laid off by the business or, if the business is closed, the length of time that it has been closed.
560.16(3)
(3) Loan applications. To apply for a loan under this section, a group shall submit an application to the department which includes:
560.16(3)(a)
(a) A general analysis outlining the need for a feasibility study or professional services under
sub. (2) (a), including, but not limited to, such items as the number of employes affected, the economic impact on the community of a business closing and a preliminary analysis as to the feasibility of undertaking employe ownership of the business and the potential for a successful buy out by the group.
560.16(3)(b)
(b) A petition in support of the effort signed by at least a majority of the members of the group and a list of the names and addresses of all the members of the group.
560.16(3)(c)
(c) A letter from a majority of the owners of the business indicating a preference to sell the business to the group if the study concludes that reorganization or new incorporation of the business that is the subject of the study as an employe-owned business is feasible. A group need not include a letter under this paragraph if the business is involved in bankruptcy or insolvency proceedings.
560.16(3)(d)
(d) The estimated cost and time required to conduct the feasibility study or provide the service.
560.16(3)(e)
(e) A description of the group's financial assets available to match the loan and a statement indicating the group's willingness to match the loan.
560.16(3)(f)
(f) A written commitment from a person with the recognized expertise and experience necessary to conduct the feasibility study or provide the professional services to be financed by the loan.
560.16(4)
(4) Loan limits; contract approval. 560.16(4)(a)(a) A loan to a group under this section may not exceed $25,000 unless the joint committee on finance, under
s. 13.101 (5m), approves a specified amount exceeding $25,000.
560.16(4)(b)
(b) As a condition of approval of a loan to a group under this section, the board shall require that the group provide matching funds for at least 25% of the cost of the project, except that the board may waive application of that requirement if the board determines that the group is subject to extreme financial hardship.
560.16(4)(c)
(c) Any contract for any feasibility study or professional services financed by a loan under
sub. (2) (a) shall be subject to the approval of the board. The board may not approve such a contract unless it determines that the contractor has the expertise required to provide the necessary study or services and that the contractor's costs are consistent with existing market rates.
560.16(5)
(5) Repayment. The board shall determine the repayment terms for a loan under this section.
560.16(6)(a)(a) Any feasibility study of an existing business financed by a loan under
sub. (2) (a) shall include:
560.16(6)(a)1.
1. An assessment of the market value and demand for any product produced by the existing business.
560.16(6)(a)2.
2. A complete evaluation of the production costs of the existing business, including, but not limited to, labor, inventory, machinery and equipment, and the application of new technology.
560.16(6)(a)3.
3. A verified statement of the financial condition and business operation of the existing business for the previous 3 years, certified by an independent public accountant.
560.16(6)(a)4.
4. A full narrative appraisal of the fair market value of the assets of the existing business by a disinterested and qualified appraiser using all 3 commonly accepted appraisal methods.
560.16(6)(a)5.
5. A comprehensive projected business plan of the proposed employe-owned business, including the proposed organizational structure and ownership arrangements.
560.16(6)(a)6.
6. The number and type of jobs to be created or preserved by the proposed employe-owned business at its start-up and for each of the 3 subsequent years.
560.16(6)(a)7.
7. An analysis of the reasons for the closing or considered closing of the existing business.
560.16(6)(a)8.
8. A plan for implementing the feasibility study, if the study concludes that reorganization or new incorporation of the existing business as an employe-owned business is feasible.
560.16(6)(b)
(b) The results of a feasibility study of an existing business financed by a loan under
sub. (2) (a) shall be solely for the use of the group which received the loan, except that if the group's bid to purchase the business has been withdrawn, rejected or terminated, the group shall submit a copy of the study and the results of any professional services financed by the loan to the board and the board may provide a copy of such results to any person seeking to purchase the existing business.
560.167
560.167
Wisconsin trade project program. 560.167(1)(a)
(a) "Eligible business" means a business operating in this state that manufactures a product or performs a service, or both, with a potential to be exported and that, together with all of its affiliates and subsidiaries and its parent company, had gross annual sales of $25,000,000 or less in the calendar year preceding the year in which it applies for a reimbursement under this section.
560.167(1)(b)
(b) "Matchmaker trade delegation event" means a trade event that is planned by the U.S. department of commerce and that has prearranged meetings between new-to-market or new-to-export eligible businesses and prospective foreign representatives and distributors.
560.167(1)(c)
(c) "Trade show" means a trade event held in a country other than the United States that brings prospective foreign buyers to a central location and that is certified or coordinated by the U.S. department of commerce or the department.
560.167(2)
(2) Subject to
sub. (5), the department may make reimbursements totaling no more than $100,000 in a fiscal year from the appropriations under
s. 20.143 (1) (c) and
(ie) to eligible businesses for any of the following:
560.167(2)(a)
(a) Fees for participation in a trade show or matchmaker trade delegation event.
560.167(2)(b)
(b) Costs associated with shipping displays, sample products, catalogs or advertising material to a trade show or matchmaker trade delegation event.
560.167(2)(c)
(c) Costs incurred at a trade show or matchmaker trade delegation event for utilities, booth construction or necessary modifications or repairs.
560.167(2)(d)
(d) Costs associated with foreign language translation of brochures or product information or with the use of translation services at a trade show or matchmaker trade delegation event.
560.167(3)
(3) An eligible business seeking reimbursement under this section shall submit to the department an application containing all of the following:
560.167(3)(a)
(a) An export development plan and a description of how the activities for which reimbursement is sought will benefit the applicant's ability to export its product or service.
560.167(3)(b)
(b) An itemized budget for expenses expected to be incurred for all of the activities for which reimbursement is sought.
560.167(3)(c)
(c) A description of the proposed use of the reimbursement.
560.167(3)(d)
(d) Assurance that at least 50% of the manufactured value of the product or of the performance value of the service will be produced in this state.
560.167(4)(a)(a) The department may approve an eligible business for reimbursement after considering all of the following:
560.167(4)(a)1.
1. The extent to which the business' export development plan demonstrates the potential of the product or service to be exported in a particular foreign market.
560.167(4)(a)2.
2. The extent to which the business' proposed reimbursable activities relate to the potential success of the product or service to be exported.
560.167(4)(b)
(b) The department shall give priority for reimbursements under this section to eligible businesses participating in the department's export mentoring program.
560.167(5)
(5) The department may not do any of the following:
560.167(5)(a)
(a) Reimburse an eligible business more than $5,000 in a 12-month period.
560.167(5)(b)
(b) Reimburse an eligible business more than $5,000 for participation in a trade show or matchmaker trade delegation event.
560.167(5)(c)
(c) Reimburse an eligible business for participating more than one time in the same trade show or matchmaker trade delegation event held at different times or in different locations.
560.167(5)(d)
(d) Reimburse an eligible business more than $15,000 over the life of the program.
560.167(6)
(6) An eligible business that is approved for a reimbursement under
sub. (4) shall provide to the department, within 90 days after the trade show or matchmaker trade delegation event for which the reimbursement is sought, documentation detailing the costs for which the reimbursement is sought.
560.167 History
History: 1995 a. 27 560.17
560.17
Rural economic development program. 560.17(1)(a)
(a) "Board" means the rural economic development board.
560.17(1)(c)
(c) "Professional services" includes all of the following:
560.17(1)(c)1.
1. Preparation of preliminary feasibility studies, feasibility studies or business and financial plans.
560.17(1)(c)3.
3. Engineering studies, appraisals or marketing assistance.
560.17(1)(d)
(d) "Rural municipality" means any of the following:
560.17(1)(d)1.
1. A city, town or village that is located in a county with a population density of less than 150 persons per square mile.
560.17(1)(d)2.
2. A city, town or village with a population of 4,000 or less.
560.17(2)(a)(a) At the request of the board, the department shall make a grant or loan to a business to which the board has awarded a grant or loan under this section.
560.17(3)
(3) The board may award a grant or loan under this subsection to a business if all of the following apply:
560.17(3)(a)
(a) The amount of the grant or loan does not exceed $30,000.
560.17(3)(b)
(b) The business, together with any affiliate, subsidiary or parent entity, has fewer than 25 employes.
560.17(3)(c)
(c) The business is located in a rural municipality.
560.17(3)(d)
(d) The business is starting or expanding its operations.
560.17(3)(e)
(e) The proceeds of the grant or loan will be used by the business as provided in
sub. (5).
