On or before January 31 annually, a certified capital company shall report all of the following to the department:
The amount of the certified capital company's certified capital at the end of the preceding year.
Whether the certified capital company has invested more than 15% of its total certified capital in any one person.
All qualified investments that the certified capital company has made during the previous calendar year and the investment pool from which each qualified investment was made.
Within 90 days of the end of the certified capital company's fiscal year, the certified capital company shall provide to the department a copy of its annual audited financial statements, including the opinion of an independent certified public accountant. The audit shall address the methods of operation and conduct of the business of the certified capital company to determine whether the certified capital company is complying with this section and the rules promulgated under subchapter II of ch. 560
, 2005 stats., including whether certified capital has been invested in the manner required under s. 560.34
, 2005 stats. The financial statements provided under this subsection shall be segregated by investment pool and shall be separately audited on that basis to allow the department to determine whether the certified capital company is in compliance with s. 560.34 (1m)
, 2005 stats.
On or before January 31 annually, a certified capital company shall pay a nonrefundable certification fee of $5,000 to the department, unless January 31 falls within 6 months of the date on which the certified capital company was certified under s. 560.31
, 2005 stats.
Exemption from rights of inspection and copying.
If the department determines that a document submitted by a certified capital company under this section contains a trade secret, as defined in s. 134.90 (1) (c)
or a business secret, that document is not subject to the right of inspection and copying under s. 19.35
(3) Department reporting requirements.
The department shall include in the report required under s. 560.01 (2) (am)
all of the following:
The total amount of certified capital investments made, by calendar year, since July 1, 1999.
Statistical information on the qualified investments made by certified capital companies during the previous 2 calendar years.
The department's assessment of the number of jobs created in this state during the previous 2 calendar years as a result of qualified investments made by certified capital companies under this section.
See also s. Comm 111.01
, Wis. adm. code.
FORWARD INNOVATION FUND
In this subchapter:
"Business" means a company located in this state, a company that has made a firm commitment to locate a facility in this state, or a group of companies at least 80 percent of which are located in this state.
"Cluster" means a geographic, categorical, horizontal, or vertical concentration of interconnected, interdependent, or synergistic businesses, industries, research centers, or venues for the performance, creation, or display of the arts.
"Community-based organization" means an organization that is involved in economic development and helps businesses that are likely to employ persons.
"Economically distressed area" means an area designated by the department using the methodology established by rule under s. 560.301 (2)
"Eligible activity" means any of the following:
The start-up, expansion, or retention of minority businesses.
The start-up, expansion, or retention of businesses in economically distressed areas.
Innovative proposals to strengthen inner cities.
Innovative proposals to strengthen communities in rural municipalities.
Innovative programs to strengthen clusters.
Innovative proposals to strengthen entrepreneurship.
"Eligible recipient" means any of the following:
A cooperative or association incorporated under ch. 185
or organized under ch. 193
A nonprofit organization whose primary purpose is to promote the economic development of or community development in a particular area or region in the state.
"Governing body" means a county board, city council, village board, or town board.
"Local development corporation" means any of the following:
The elected governing body of a federally recognized American Indian tribe or band in this state or any business created by the elected governing body.
A corporation organized under ch. 181
that is a nonprofit corporation, as defined in s. 181.0103 (17)
, that is at least 51 percent controlled and actively managed by minority group members, and that does all of the following:
Operates primarily within specific geographic boundaries.
Promotes economic development and employment opportunities for minority group members or minority businesses within the specific geographic area.
Demonstrates a commitment to or experience in promoting economic development and employment opportunities for minority group members or minority businesses.
"Municipality" means a county, city, village, or town.
"Rural municipality" means any of the following:
A municipality that is located in a county with a population density of less than 150 persons per square mile.
A municipality with a population of 6,000 or less.
"Small business" means a business with fewer than 100 employees, including employees of any subsidiary or affiliated organization.
History: 2009 a. 28
Rules, policies, and standards for awarding grants and making loans.
The department shall promulgate rules that establish procedures, policies, and standards for implementing this subchapter and awarding grants and making loans under this subchapter. The rules shall include all of the following:
A statement of the department's economic development objectives for the program under this subchapter, together with the goals and accountability measures required under s. 560.01 (2) (ae)
The methodology for designating an area as economically distressed. The methodology under this subsection shall require the department to consider the most current data available for the area and for the state on the following indicators:
Other significant or irregular indicators of economic distress, such as a natural disaster.
Provisions for the development of a biennial plan for awarding grants and making loans under this subchapter, before the commencement of each odd-numbered fiscal year, and for the submission of the biennial plan to the governor and the chief clerk of each house of the legislature for distribution to the appropriate standing committees under s. 13.172 (3)
Procedures related to grants and loans under s. 560.304
for all of the following:
Conditions applicable to a grant awarded or loan made under s. 560.304
Procedures for monitoring the use of grants awarded and loans made under this subchapter, including procedures for verification of economic growth, job creation, and the number and percentage of newly created jobs for which state residents are hired.
History: 2009 a. 28
Grant and loan criteria.
Upon receipt of an application by an eligible recipient, the department may consider any of the following in determining whether to award a grant or make a loan under s. 560.304
Whether the eligible activity proposed to be conducted by the eligible recipient serves a public purpose.
Whether the eligible activity proposed to be conducted by the eligible recipient will retain or increase employment in this state.
Whether the eligible activity proposed to be conducted by the eligible recipient is likely to occur without the grant or loan.
Whether and the extent to which the eligible activity proposed to be conducted by the eligible recipient will contribute to the economic growth of this state and the well-being of residents of this state.
Whether the eligible activity proposed to be conducted by the eligible recipient will be located in an economically distressed area.
The economic condition of the community in which the eligible activity proposed to be conducted by the eligible recipient is proposed to occur.
The potential of the eligible activity proposed to be conducted by the eligible recipient to promote the employment of minority group members.
Any other criteria established by the department by rule, including the types of projects that are eligible for funding and the types of eligible projects that will receive priority.
History: 2009 a. 28
Miscellaneous and administrative expenditures.
In each biennium, the department may expend or encumber up to a total of 1 percent of the moneys appropriated under s. 20.143 (1) (fi)
for that biennium for any of the following:
Evaluations of proposed technical research projects.
Evaluation costs, collection costs, foreclosure costs, and other costs associated with administering the loan portfolio under this subchapter, excluding staff salaries.
History: 2009 a. 28
Forward innovation fund.
The department may award a grant or make a loan to an eligible recipient from the appropriations under s. 20.143 (1) (fi)
, and (io)
. The department shall consult with the board prior to awarding a grant or making a loan under this section.
History: 2009 a. 28
The department shall encourage small businesses to apply for grants and loans under this subchapter by ensuring that there are no undue impediments to their participation and by actively encouraging small businesses to apply for grants and loans. The department shall do all of the following:
Publish and disseminate information about projects that may be funded by a grant or loan under s. 560.304
and about procedures for applying for grants and loans under s. 560.304
Simplify the application and review procedures for small businesses so that they will not impose unnecessary administrative burdens on small businesses.
Assist small businesses in preparing applications for grants and loans.