Wisconsin Senate Approves a Bill that Expands Capital Access for Rural Businesses
Thursday, June 6th, 2019 -- 10:50 AM
(Wisconsin Ag Connection) -The Wisconsin State Senate has unanimously approved a bill that would expand capital access for rural businesses, including cheese manufacturers and processors.As part of Senate Bill 219, the state would launch a pilot program at the Wisconsin Housing and Economic Development Authority using existing funds available through the Agribusiness Guarantee Program. Over $3 million in loan guarantee authority would support rural development projects, including brick-and-mortar investments, equipment and machinery, marketing and working capital. The pilot would guarantee up to 25 percent of a loan, or $750,000, whichever is less. The borrower is required to pay back the entirety of the loan, with a state commitment only coming into play in the event of a default.
John Umhoefer of the Wisconsin Cheese Makers Association praised the move, saying it would likely spark economic growth in the dairy industry. The measure was co-sponsored by Senators Howard Marklein of Spring Green and Janet Bewley of Mason, along with Reps Gary Tauchen from Bonduel and Don Vruwink of Milton.
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