The Wisconsin Economic Development Corporation (WEDC) is providing $5 million in funding through its Small Business 20/20 program that provides grants to targeted businesses throughout Wisconsin to help offset losses related to coronavirus response measures, the organization announced recently.
“This is a program targeted at some of the ‘smallest of the small’ businesses that are vital to their communities,” WEDC CEO Missy Hughes said in a statement. “This program will help put cash in the pockets of these businesses and their employees when they need it most. WEDC is working to develop additional programming to help get resources out to the communities and increase eligibility for participation.”
According to a release, individual grants are capped at $20,000 and reserved for companies with 20 employees or fewer. The funds can be used for rent and payroll expenses including paid leave for employees.
Companies can apply through participating community development financial institutions such as credit unions and community development banks.
“The program provides funds to Wisconsin-based Community Development Financial Institutions (CDFIs) to make grants to existing loan clients” per WEDC Program Description So only available to a select group of businesses that have received loans from a CDFI.