Wisconsin entrepreneurs to receive $1.9 million boost from federal grant

In a significant move to bolster small businesses, Governor Tony Evers and U.S. Senator Tammy Baldwin announced a major federal grant. The U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) is set to award Wisconsin a substantial $1.9 million. This technical assistance funding is earmarked to provide critical legal and financial advice to small businesses across the state.

Empowering Local Economies Through Small Businesses

Governor Evers emphasized the vital role of small businesses in driving local economies. “Small businesses form the heart of our communities, employing about half of Wisconsin’s workforce,” he said. The governor highlighted how these businesses are key in offering unique goods and services, hiring locally, and contributing significantly to local communities.

This grant is part of an ongoing commitment from Governor Evers and Senator Baldwin to support Wisconsin’s small businesses and economic development. Their efforts have already seen the state receiving nearly $80 million in SSBCI funding earlier this year.

Strengthening Wisconsin’s Entrepreneurial Ecosystem

The fresh infusion of $1.9 million will be managed by the Wisconsin Department of Administration (DOA) and the Wisconsin Economic Development Corporation (WEDC). The funds are set to be channeled to the University of Wisconsin (UW)-Madison Law and Entrepreneurship (L&E) Clinic and the UW Institute for Business and Entrepreneurship.

Missy Hughes, Secretary and CEO of WEDC, remarked, “Wisconsin is a place where innovative ideas become successful businesses.” She expressed gratitude for the federal grant, which will enhance the state’s support system for emerging and underserved businesses.

Kathy Blumenfeld, DOA Secretary, echoed these sentiments, underlining the state’s commitment to an inclusive and thriving economy for all.

Direct Impact on Entrepreneurs and Small Businesses

The L&E Clinic and the UW Institute for Business and Entrepreneurship will utilize the grant to provide essential services like legal, accounting, and financial advice to companies gearing up for state or federal small business support.

Emily Buchholz, Director of the L&E Clinic, expressed excitement about the potential to expand their services. “We will increase our capacity and create new online legal resources,” she said, emphasizing the importance of accessible legal assistance and technology for long-term business success.

Moreover, the grant is expected to benefit 1,150 small businesses over five years, including aiding in forming 120 new small businesses through an innovative LLC formation tool.

Post written with assistance from ChatGPT