Wisconsin`s smallest businesses could get $20K grants from state, federal government to help them through coronavirus

MADISON - Small businesses in Wisconsin could get a boost from the Wisconsin Economic Development Corporation or the U.S. Small Business Administration to help them through the coronavirus pandemic. 

Missy Hughes, WEDC executive director, announced a $5 million grant program, known as Small Business 20/20, that will assist the "smallest of the small businesses" in Wisconsin, according to a release.

The organization will provide up to $20,000 per business, the release said. The money can be used by businesses with less than 20 employees to cover rent and meet payroll expenses including sick, family and other types of leave related to the virus. The grants will be funded through partnerships with the state`s 23 community development financial institutions, which already work with many small businesses that will need the grants, the release said. To qualify for the grant, businesses must already have a loan from a community development financial institution in good standing....

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Ken Notes: See link above to get details on the program. I had another idea, with interest rates as low as they are, would now be a good time to partner with banks, business and communities to offer interest free loans to businesses that a community wants. Like TIF or CDBG this loan program could be used by communities to help businesses of value to a region. The cost would be the interest for the life of the loan which is now close to nothing...



- - Volume: 8 - WEEK: 12 Date: 3/19/2020 7:42:27 AM -