Subch. IV of ch. 560 Note
NOTE: 1987 Wisconsin Act 320, which created subchapter IV, contains a prefatory note explaining the Act.
560.51
560.51
Definitions. As used in this subchapter:
560.51(2)
(2) "Entrepreneurial assistance program" means a program that directly or indirectly assists an entrepreneur who is starting a business which has significant growth potential, as evidenced by the potential ability to attract and receive venture capital financing, by doing any of the following:
560.51(2)(a)
(a) Educating the entrepreneur about starting a business.
560.51(2)(b)
(b) Evaluating the business' proposed product or service.
560.51(2)(c)
(c) Preparing a business plan acceptable to investors.
560.51(2)(f)
(f) Providing ongoing managerial assistance and monitoring compliance with the business plan after the start-up of the business.
560.51(3)
(3) "Intermediary" means either a person who provides continuing assistance or services to an entrepreneur who is starting a business with significant growth potential, as evidenced by the potential ability to attract and receive venture capital financing, or a consultant who works with such an entrepreneur on a specific task, such as market evaluation, manufacturing techniques or product design.
560.51(4)
(4) "Intermediary assistance program" means a program that directly or indirectly trains or assists an intermediary in developing or using skills necessary to serve an entrepreneur.
560.51(5)
(5) "Metropolitan area" means an urban area and surrounding territory in this state that includes at least one city or village with a population of 25,000 or more.
560.51(6)
(6) "Network" means an organized arrangement for exchanging materials, information and services among entrepreneurs, intermediaries, institutional venture capital investors, other venture capital investors and persons who assist entrepreneurs, intermediaries or venture capital investors.
560.51 History
History: 1987 a. 320.
560.52
560.52
Existing entrepreneurial assistance programs. 560.52(1)(1)
Inventory. The department shall prepare and periodically revise an inventory of existing entrepreneurial assistance programs offered in this state. In preparing the inventory, the department may do any of the following:
560.52(1)(a)
(a) Develop and apply criteria to identify effective entrepreneurial assistance programs and to group the entrepreneurial assistance programs by function.
560.52(1)(b)
(b) Rely upon part or all of similar inventories prepared by other individuals or organizations.
560.52(1)(c)
(c) Enter into contracts for the preparation of part or all of the inventory.
560.52(2)
(2) Dissemination. The department shall disseminate the information in the inventory prepared under
sub. (1) by issuing pamphlets and bulletins under
s. 560.09 (4) and by maintaining a toll free telephone line during normal business hours to receive requests for information relating to the inventory.
560.52 History
History: 1987 a. 320.
560.53
560.53
Intermediary assistance programs. 560.53(1)(1)
Regional and statewide programs. The department shall arrange intermediary assistance programs, for regional or statewide meetings of industry, trade and professional organizations, that introduce members of the organizations to the procedures by which venture capital is invested in new businesses and the opportunities for the members to become intermediaries.
560.53(2)(a)(a) In one or more metropolitan areas, the department shall identify individuals and organizations that assist intermediaries, are interested in assisting intermediaries or are interested in becoming intermediaries or developing a local network.
560.53(2)(b)
(b) The department shall assist the individuals and organizations identified under
par. (a) in developing, to the extent feasible, self-sustaining intermediary assistance programs. An intermediary assistance program may do any of the following:
560.53(2)(b)1.
1. Provide an inventory of existing intermediaries in the metropolitan area.
560.53(2)(b)3.
3. Develop a network between the metropolitan area and other metropolitan areas.
560.53(2)(b)4.
4. Train intermediaries on subjects identified as necessary by the intermediaries participating in the intermediary assistance programs, including the preparation of business plans and the applicability of relevant securities regulations.
560.53(2)(b)5.
5. Establish mechanisms to refer entrepreneurs to appropriate intermediaries in the metropolitan area or in other metropolitan areas.
560.53(2)(b)6.
6. Evaluate the effectiveness of the intermediary assistance program, including the collection of data necessary to conduct the evaluation.
560.53 History
History: 1987 a. 320.
560.54
560.54
State agency coordination. The department shall coordinate entrepreneurial assistance programs and intermediary assistance programs offered by agencies by doing any of the following:
560.54(1)
(1) Identifying the needs of entrepreneurs and intermediaries relating to the development in the state of new businesses with high growth potential.
560.54(2)
(2) Ensuring that individuals assisting entrepreneurs and intermediaries have the training necessary to provide adequate assistance.
560.54(3)
(3) Ensuring that existing and new entrepreneurial assistance programs and intermediary assistance programs are matched to the needs of the entrepreneurs and intermediaries.
560.54(4)
(4) Ensuring that agencies and other persons which provide entrepreneurial assistance programs and intermediary assistance programs understand the responsibilities of the agencies which provide entrepreneurial assistance programs and intermediary assistance programs.
560.54 History
History: 1987 a. 320.
560.55
560.55
Report. Beginning on October 15, 2003, and no later than October 15 of each odd-numbered year thereafter, the department shall submit to the governor and to the chief clerk of each house of the legislature, for distribution to the legislature under
s. 13.172 (2), a report describing the department's activities and the result of the department's activities under
s. 560.54 since the period covered in the previous report. The department shall combine this report with the report required under
s. 560.42 (5) and may combine this report with other reports published by the department, including the report under
s. 15.04 (1) (d). The report may include recommendations for legislative proposals to change the entrepreneurial assistance programs and intermediary assistance programs.
560.55 History
History: 1987 a. 320;
2001 a. 16.
WISCONSIN DEVELOPMENT FUND
560.60
560.60
Definitions. In this subchapter:
560.60(1m)
(1m) "Biotechnology" means technology related to life sciences.
560.60(1v)
(1v) "Brownfields" means abandoned, idle or underused industrial or commercial facilities, the expansion or redevelopment of which is adversely affected by actual or perceived environmental contamination.
560.60(2)
(2) "Business" means a company located in this state, a company which has made a firm commitment to locate a facility in this state or a group of companies at least 80% of which are located in this state.
560.60(3)
(3) "Consortium" means an association of a business and a higher educational institution.
560.60(4)
(4) "Eligible recipient" means a governing body or a person who is eligible to receive a grant or loan under
s. 560.62, a grant or loan under
s. 560.63 or a grant or loan under
s. 560.65.
560.60(6)
(6) "Governing body" means a county board, city council, village board, town board, regional planning commission or transit commission under
s. 59.58 (2) or
66.1021.
560.60(8)
(8) "Higher educational institution" means any of the following:
560.60(8)(b)
(b) An institution which is located in this state and offers a post-baccalaureate or professional degree program.
560.60(10)
(10) "Job" means a position providing full-time equivalent employment. "Job" does not include initial training before an employment position begins.
560.60(11)
(11) "Major economic development project" means a project to which any of the following applies:
560.60(11)(a)
(a) The project is necessary to retain a significant number of jobs in a political subdivision.
560.60(11)(b)
(b) The project is necessary to significantly increase the number of jobs in a political subdivision.
560.60(11)(c)
(c) The project will lead to significant capital investment in this state by a business.
560.60(11)(d)
(d) The project will make a significant contribution to the economy of this state.
560.60(13)
(13) "Political subdivision" means a county, city, town or village.
560.60(14)
(14) "Project" means a business development that increases the productivity of a business or its employees in this state, leads to significant capital investment in a business in this state, leads to the retention of existing jobs in this state or creates new jobs in this state.
560.60(15)
(15) "Small business" means a business operating for profit, with 250 or fewer employees, including employees of any subsidiary or affiliated organization.
560.60(17)
(17) "Technology" includes biotechnology.
560.60(18m)
(18m) "Technology-based nonprofit organization" means a nonprofit corporation, as defined in
s. 181.0103 (17), or an organization described in section
501 (c) (3) of the internal revenue code that is exempt from federal income tax under section
501 (a) of the internal revenue code, and that has as a mission the transfer of technology to businesses in this state.
560.602
560.602
Policies and standards for awarding grants and loans. The department, with the approval of the board, shall promulgate rules to establish policies and standards for awarding grants and loans under this subchapter. The rules shall include all of the following:
560.602(1)
(1) A statement of the department's economic development policy that is consistent and coordinated with economic development policies expressed in the statutes and established by other state agencies.
560.602(5)
(5) Provisions for the development of a biennial plan for awarding grants and loans under this subchapter, before the commencement of each odd-numbered fiscal year, and for the submission of the biennial plan to the governor and the chief clerk of each house of the legislature for distribution to the appropriate standing committees under
s. 13.172 (3).
560.602 History
History: 1991 a. 269.
560.605
560.605
Grant and loan criteria; generally. 560.605(1)
(1) The board may award a grant or loan under
s. 560.61 upon the receipt and consideration of an application by an eligible recipient for a project under
ss. 560.62 to
560.66, if the board determines all of the following:
560.605(1)(b)
(b) The project will retain or increase employment in this state.
560.605(1)(c)
(c) The project is not likely to occur without the grant or loan.
560.605(1)(d)
(d) Financing is unavailable from any other source on reasonably equivalent terms.
560.605(1)(e)
(e) Except as provided in
s. 560.68 (6), the eligible recipient receiving the grant or loan will contribute, from funds not provided by this state, not less than 25% of the cost of the project.
560.605(1)(h)
(h) The project will not displace any workers in this state.
560.605(2)
(2) The board shall consider all of the following before awarding a grant or loan to an eligible recipient for a project under
s. 560.62,
560.63 or
560.66:
560.605(2)(a)
(a) The extent to which the project will retain or increase employment in this state.
560.605(2)(b)
(b) The extent to which the project will contribute to the economic growth of this state and the well-being of the residents of this state.
560.605(2)(c)
(c) Whether the project will be located in an area of high unemployment or low average income.
560.605(2)(e)
(e) The intention of the eligible recipient to repay the grant or loan.
560.605(2)(f)
(f) Whether the project will be located in a targeted area.
