SB45-SSA1, s. 2953g Section 2953g. 560.139 of the statutes is created to read:

SB45-SSA1,1383,4 560.139 Economic development grants. (1) Remediation and economic redevelopment. (a) Subject to par. (b), from the appropriation under s. 20.143 (1) (kj), the department shall make grants annually to the city of Milwaukee to fund a program to be administered by the Milwaukee Economic Development Corporation. Under the program, the Milwaukee Economic Development Corporation shall provide grants to persons for remediation and economic redevelopment projects in the Menomonee valley. A person may not receive a grant unless the person provides matching funds for at least 50% of the cost of the project.

SB45-SSA1,1383,6 (b) The department may not expend more than $1,000,000 in grants to the city of Milwaukee under this subsection annually.

SB45-SSA1,1383,13 (2) Community-based venture fund. (a) From the appropriation under s. 20.143 (1) (kj), the department shall make grants to the Northwest Regional Planning Commission to match federal or private funds for the purpose of establishing a community-based venture fund. Subject to par. (b), the department shall provide grants each year in an amount that equals 50% of the total amount that the Northwest Regional Planning Commission receives in the year from federal or private sources for the community-based venture fund.

SB45-SSA1,1383,15 (b) The department may not expend more than $150,000 in grants under this subsection annually.

SB45-SSA1, s. 2953h Section 2953h. 560.139 (1) (a) of the statutes, as created by 1999 Wisconsin Act .... (this act), is amended to read:

SB45-SSA1,1383,25 560.139 (1) (a) Subject to par. (b), from the appropriation under s. 20.143 (1) (kj) or (km) or from both appropriations, the department shall make grants annually to the city of Milwaukee to fund a program to be administered by the Milwaukee Economic Development Corporation. Under the program, the Milwaukee Economic Development Corporation shall provide grants to persons for remediation and economic redevelopment projects in the Menomonee valley. A person may not receive a grant unless the person provides matching funds for at least 50% of the cost of the project.

SB45-SSA1, s. 2953i Section 2953i. 560.139 (2) (a) of the statutes, as created by 1999 Wisconsin Act .... (this act), is amended to read:

SB45-SSA1,1384,9 560.139 (2) (a) From the appropriation under s. 20.143 (1) (kj) or (km) or from both appropriations, the department shall make grants to the Northwest Regional Planning Commission to match federal or private funds for the purpose of establishing a community-based venture fund. Subject to par. (b), the department shall provide grants each year in an amount that equals 50% of the total amount that the Northwest Regional Planning Commission receives in the year from federal or private sources for the community-based venture fund.

SB45-SSA1, s. 2954 Section 2954. 560.14 (4) (a) of the statutes is renumbered 560.14 (4), and 560.14 (4) (intro.), (f) and (g), as renumbered, are amended to read:

SB45-SSA1,1384,15 560.14 (4) (intro.) Subject to par. (b), the The department may make a grant under this subsection from the appropriation under s. 20.143 (1) (fg) to a community-based organization for regional economic development activity if all of the following apply:

SB45-SSA1,1384,20 (f) The applicants submit a plan that describes the economic development activity, how the economic development activity satisfies the criteria under this paragraph subsection, how the grant will be administered and how the grant proceeds will be used to support the economic development activity; and the secretary approves the plan.

SB45-SSA1,1384,22 (g) The applicants provide documentation of the contributions required under subd. 5 par. (e).

SB45-SSA1, s. 2955 Section 2955. 560.14 (4) (b) of the statutes is repealed.

SB45-SSA1, s. 2955m Section 2955m. 560.17 (5r) of the statutes is created to read:

SB45-SSA1,1385,2 560.17 (5r) (a) Under this subsection, the board may award to a business a loan that does not exceed $50,000 if all of the following apply:

SB45-SSA1,1385,4 1. The business, together with any affiliate, subsidiary or parent entity, has fewer than 50 employes.

SB45-SSA1,1385,5 2. The business is or will be located in a rural municipality.

SB45-SSA1,1385,7 3. The rural municipality in which the business is or will be located satisfies either of the following criteria:

SB45-SSA1,1385,9 a. The rural municipality is located in a county that has a median household income that is lower than the state median household income.

SB45-SSA1,1385,13 b. If the rural municipality is located in a county that has a median household income that is higher than the state median household income, the rural municipality has a median household income that is lower than the county median household income.

SB45-SSA1,1385,14 4. The business is starting or expanding its operations.

SB45-SSA1,1385,15 5. The operations of the business do not involve metallic mining activities.

SB45-SSA1,1385,18 6. The owner of the business attends a class that provides instruction in writing a business plan, making a business loan application and managing a start-up business.

SB45-SSA1,1385,23 (b) A business applying for a loan under this subsection must submit an application package that includes a business plan and such personal and business financial information as the board requires to enable the board to assess sufficiently the potential viability of the business. The department shall assist a business in preparing an application.

SB45-SSA1,1385,25 (c) A business that receives a loan under this subsection may use the loan proceeds for any of the following purposes:

SB45-SSA1,1386,1 1. The purchase or improvement of land.

SB45-SSA1,1386,3 2. The purchase of buildings, furniture, fixtures, machinery, equipment or inventory.

SB45-SSA1,1386,4 3. Job training costs.