Governor Evers Proposes $329 Million in Economic Development Initiatives

Monday, February 15th, 2021 -- 9:04 AM

(AP) Gov. Tony Evers will propose more than $329 million in new economic development initiatives as part of his state budget proposal on Tuesday, including a new $100 million venture capital fund to help startups and $200 million to assist small businesses hurt by the coronavirus pandemic.

Securing capital for new business startups has been an ongoing issue for years in Wisconsin. Evers is proposing a new $100 million venture capital program that will make awards of up to $25 million. Recipients must match the award with private money and invest in Wisconsin.\

At least 20% of the money being managed will be invested in minority-owned or women-only firms.  The plan calls for the Wisconsin Economic Development Corporation to create an oversight board to manage the program.

Evers is also calling for an additional $200 million to go to WEDC to assist businesses in recovering from the pandemic, including assistance for job retention and hiring.

He also wants to increase an existing block grant at WEDC by $10 million, for a total of $51.5 million a year, that’s used for a wide range of programs.

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