State Getting $80 Million for Venture Fund, Expansion of Other Programs for Entrepreneurs
Wisconsin is getting $80 million in American Rescue Plan Act funding which has been earmarked to help support entrepreneurs and small business.
Gov. Tony Evers and Sen. Tammy Baldwin, along with the Wisconsin Economic Development Corp. and Wisconsin Housing and Economic Development Authority, announced plans for the funding this week. The money has been approved through the State Small Business Credit Initiative, a part of ARPA.
Evers’ plan for the funding, which has been approved by the U.S. Treasury Department, includes $50 million for WEDC to create the Wisconsin Investment Fund. The goal of the fund is to partner with other venture capital funds in the state that are investing in Wisconsin-based startups.