Introduction

Starting and sustaining a small business is no small feat. To alleviate some of the financial burden, entrepreneurs often turn to small business grants. In the state of Wisconsin, various organizations offer grants to help fund businesses and encourage economic development. In this article, we will explore some of the small business grant options available in Wisconsin, highlighting their eligibility criteria and application processes.

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Wisconsin Economic Development Corporation (WEDC)

The Wisconsin Economic Development Corporation (WEDC) is one of the primary sources of small business grants in the state.

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1. Small Business Opportunity Program Grant

The Small Business Opportunity Program (SBOP), administered by WEDC, aims to reduce high unemployment intense areas by supporting small businesses. This grant offers up to $100,000 in funding to eligible entrepreneurs.

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To be eligible for the SBOP grant, the business must be located in an economically distressed area, demonstrate job creation or retention, and contribute to the community's revitalization efforts.

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Applicants must complete an application and provide various supporting documents, such as a business plan, financial projections, and relevant permits and licenses.

2. Technology Development Loan Program

The Technology Development Loan Program (TDL) is designed to provide financial assistance to early-stage technology or innovation-driven companies. This program offers loans up to $250,000 to eligible businesses in Wisconsin.

To qualify for the TDL program, the business must be involved in high-tech research and development, have a substantial economic impact, and demonstrate an ability to repay the loan.

Applicants must submit a loan inquiry form, comprehensive business plan, financial statements, and undergo thorough due diligence by WEDC.

Legacy Redevelopment Grants

The Legacy Redevelopment Grant Program supports projects that revitalize Wisconsin's abandoned or underutilized buildings, enhancing the state's economic and community development.

1. Community Development Investment Grant

The Community Development Investment (CDI) grant provides up to $250,000 to commercial, industrial, or mixed-use developments aiming to rehabilitate underutilized properties.

Eligibility for the CDI grant requires job creation, community impact, and a commitment to sustainable redevelopment practices. Applicants must complete an online application, submit supporting documents, and provide a detailed project expense breakdown.

Focus Forward Grants

The Focus Forward initiative assists small businesses in overcoming obstacles by providing funding for specific projects. It targets the expansion and growth of existing businesses.

1. Capital Catalyst Grant Program

The Capital Catalyst Grant Program (CCGP) is designed to instigate investment capital in Wisconsin-based entrepreneurial companies. It offers grants up to $100,000 to help businesses secure matching funds.

Businesses eligible for the CCGP grant must exhibit solid growth potential, have a viable business plan, and present a financial need for the grant funds. Applicants must complete an online application and provide supporting documents.

2. Small Business Innovation Research & Small Business Technology Transfer Matching Grants

Through the Focus Forward SBIR/SBTT Matching Grants, eligible Wisconsin businesses can receive up to $75,000 in funding to pursue federal grants. This program helps businesses develop groundbreaking innovations with commercial potential.

To qualify for this grant, businesses must already have received Phase 1 Small Business Innovation Research or Small Business Technology Transfer funding.

Conclusion

Small business grants in Wisconsin offer an excellent opportunity for entrepreneurs to receive financial support for their ventures. Programs like those offered by the WEDC, Legacy Redevelopment Grants, and Focus Forward Grants play a vital role in fueling economic growth and innovation within the state.

Whether you are located in an economically distressed area, working on technology-driven projects, or seeking capital to expand your business, Wisconsin offers a range of grant options to suit different business needs. Research each program, evaluate your eligibility, and take the necessary steps to submit a successful grant application. Funding assistance awaits the enterprising entrepreneurs of Wisconsin!

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