Illinois also operates a Rural Micro-Business Participation Loan Program that provides subordinated loans of up to $25,000 (50% of a project) to rural micro-businesses through participating lending institutions. The borrower provides equity of at least 10% up to $1,000.

Iowa provides funding to support capital financing, entrepreneurial development, worker training, foreign trade show assistance, and research and development, through a number of programs. The Grow Iowa Values Financial Assistance Program provides loans and forgivable loans to companies which create new employment opportunities or which retain existing jobs and make new capital investments in Iowa. Eligible project costs include land or building acquisition, building construction or remodeling, site preparation, and the purchase of machinery and equipment, computer hardware, and furniture and fixtures. Businesses must meet county wage threshold requirements.

The Iowa Networking Fund provides reimbursement of up to $5,000 for networking events designed to generate new innovations, partnerships, and deal flow in the advanced manufacturing, biosciences, or information technology industries.

Iowa also offers several employee training programs including the Information Technology Training Program, the Iowa Industrial New Jobs Training Program, and the Iowa Jobs Training Program. These programs provide (1) funding to IT firms to upgrade technical skills of existing high-level employees; (2) no-cost or reduced-cost job training services to new employees of eligible businesses, through Iowa's community college system; and (3) job training services to current employees of eligible businesses in Iowa. Iowa's employee-training programs are not structured primarily as business expansion or retention tools, as is the case under the Wisconsin Development Fund.

The Export Trade Assistance Program pays for up to 75% of an Iowa company's eligible cost to participate in a trade show or trade mission outside of the United States. An applicant may receive up to $3,000 in assistance per event up to three times per year. The applicant must have fewer than 500 employees (75% of whom are employed in Iowa), and the product or services exhibited must be manufactured, processed, value-added, grown, or raised in Iowa.

Michigan offers capital financing, worker training, and employee ownership, through several programs. The Michigan Charter One Job Creation Loan Program provides first-lien loans to companies currently doing business in Michigan or to those planning a significant investment in Michigan. Loans are limited to 75% of total project costs and range from $500,000 to $10,000,000. Eligible project costs include the cost to purchase or upgrade machinery or equipment and the cost of building acquisition or remodeling.

Michigan's Economic Development Job Training Program provides training resources to retain and attract businesses and workers. Priority funding is provided to projects that meet at least two of the following criteria: demonstrate a need for highly skilled training; invest in Michigan through the purchase of property or equipment; create or retain high-wage or high-skill jobs; or train workers in advanced manufacturing or materials, life sciences, technology, homeland security or defense, or alternative energy industries. Businesses are required to provide a 30% match for training incumbent workers, and training must be provided to Michigan residents only. Funding may be provided directly to companies if at least 100 jobs will be created or if the company employs fewer than 50 employees.

Michigan also provides services to any company, individual, or organization interested in employee ownership. These services include general consulting and information on employee ownership program options, referrals to specialists who can assist in designing and implementing an employee stock ownership plan, identification of funding sources and options, and referrals to other technical assistance and training programs.

Minnesota provides capital financing and worker training assistance through the following two programs. The Minnesota Investment Fund provides grant funding to municipal governments to offer low-interest loans to businesses in the industrial, manufacturing, and technology- related industries. Grants are limited to a maximum of $500,000, and projects must be at least 50% privately financed. Eligible costs include the cost to purchase land, machinery, and equipment.

Minnesota also provides Training Grants of up to $400,000 to educational institutions to support training-related costs or infrastructure improvements that benefit businesses located in or intending to locate within Minnesota. Businesses are required to provide at least a one-to-one match on program funds. Funds are given to training providers rather than individual businesses.

The data and methodology for developing these rule changes were derived from and consisted of (1) incorporating the criteria in 2007 Wisconsin Act 20 and 2009 Wisconsin Acts 2, 28, and 265 that address the Wisconsin Development Fund; and (2) incorporating applicable best practices the Department has developed in administering similar programs for economic and business development.

The primary documents that were used to determine the effect of the rules on small business were 2007 Wisconsin Act 20 and 2009 Wisconsin Acts 2, 28, and 265. The portions of those Acts relating to the Wisconsin Development Fund apply their private-sector requirements only to businesses for which a corresponding grant or loan is desired.

These rule changes are not expected to impose significant costs or other adverse impacts on small businesses because the rules address submittal of documentation, and other activities, only by applicants that choose to pursue grants or loans from the Wisconsin Development Fund.

Businesses and individuals who choose to pursue grants or loans from the Wisconsin Development Fund, as established under subchapter V of chapter 560 of the Statutes.

No new reporting, bookkeeping or other procedures are required.

No new professional skills are necessary for compliance with the rules.

No.

Any inquiries for the small business regulatory coordinator for the Department of Commerce can be directed to Sam Rockweiler, as listed above.

The Department has considered the environmental impact of the proposed rules. In accordance with chapter Comm 1, the proposed rules are a Type III action. A Type III action normally does not have the potential to cause significant environmental effects and normally does not involve unresolved conflicts in the use of available resources. The Department has reviewed these rules and finds no reason to believe that any unusual conditions exist. At this time, the Department has issued this notice to serve as a finding of no significant impact.

Although the rules will newly result in review of some documents relating to eligible activities and their priority, the associated workload is expected to be about the same as under the current administration of the Wisconsin Development Fund. Therefore, the proposed rules are not expected to have any significant fiscal effect on the Department.

The proposed rules are not expected to impose any significant costs on the private sector because the rules address submittal of documentation, and other activities, only by applicants that choose to pursue grants or loans from the Wisconsin Development Fund.

None.

None.

None known.

NOTICE IS HEREBY GIVEN that pursuant to sections 560.255 and 560.277 of the Statutes, the Department of Commerce will hold a public hearing on proposed rules to create Chapter Comm 126, relating to the Wisconsin Venture Fund, and affecting small businesses.

This hearing will be held in an accessible facility. If you have special needs or circumstances that may make communication or accessibility difficult at the hearing, please call Sam Rockweiler at (608) 266-0797 or at Contact Through Relay at least 10 days prior to the hearing date. Accommodations such as interpreters, English translators, or materials in audio tape format will, to the fullest extent possible, be made available upon a request from a person with a disability.

Interested persons are invited to appear at the hearing and present comments on the proposed rules. Persons making oral presentations are requested to submit their comments in writing, via e-mail. Persons submitting comments will not receive individual responses. The hearing record on this rulemaking will remain open until August 11, 2010, to permit submittal of written comments from persons who are unable to attend the hearing or who wish to supplement testimony offered at the hearing. E-mail comments should be sent to sam.rockweiler@wi.gov. If e-mail submittal is not possible, written comments may be submitted to Sam Rockweiler, Department of Commerce, Division of Environmental and Regulatory Services, P.O. Box 14427, Madison, WI 53708-0427.

The proposed rules and an analysis of the rules are available on the Internet by entering “Comm 126" in the search engine at the following Web site: https://health.wisconsin.gov/admrules/public/Home.

Paper copies may be obtained without cost from Sam Rockweiler at the Department of Commerce, Division of Environmental and Regulatory Services, P.O. Box 14427, Madison, WI 53707, or at sam.rockweiler@wi.gov, or at telephone (608) 266-0797, or at Contact Through Relay. Copies will also be available at the public hearing.

Sections 560.255 and 560.277, as created in 2009 Wisconsin Act 28.

Sections 227.11 (2) (a), 560.255 and 560.277 (4) and (5).

Section 227.11 (2) (a) of the Statutes authorizes the Department to promulgate rules interpreting the provisions of any Statute administered by the Department. Section 560.255 directs the Department to promulgate rules for administering Wisconsin Angel Network grants. Sections 560.277 (4) and (5) direct the Department to promulgate rules for administering capital connections grants and venture seed fund grants, and for establishing a Wisconsin venture fund advisory council.

The Department has various rules for administering several economic development programs, but those rules do not specifically include the rule text in this order for (1) the Wisconsin Angel Network, (2) connecting business ventures and entrepreneurs with capital, (3) institutions that fund new businesses or determine proof of concept and feasibility of new business ideas, and (4) a Venture Fund Advisory Council.

The rules in this order set forth the criteria the department will use for (1) providing an annual grant to the Wisconsin Angel Network, (2) funding eligible institutions that connect business ventures and entrepreneurs with capital, (3) providing matching funds to eligible institutions that fund new businesses or determine proof of concept and feasibility of new business ideas, and (4) establishing and interacting with a Venture Fund Advisory Council.

The Department is not aware of any existing or proposed federal regulation that addresses the content of these proposed rules.

The Venture Network of Iowa provides a forum through which inventors and entrepreneurs interact in the hope of forging profitable, long-term business relationships. VNI has been a catalyst in the formation of new, viable businesses throughout Iowa by facilitating networking meetings for Iowa entrepreneurs, investors and business advisors. However, no state-level rules were found for VNI.

The remaining adjacent states typically have organizations like the Wisconsin Technology Council that houses WAN, but do not have a program like WAN to support angel networks.

The Illinois Venture Capital Association is a nonprofit trade organization for Illinois venture-capital and private-equity professionals. IVCA enhances the growth of Illinois' $77 billion venture-capital and private-equity community by advocating on behalf of the industry. IVCA promotes institutional investment in local private equity firms, provides networking opportunities for Midwest-based firms, supports public-policy initiatives for making Illinois an appealing financial center, shares up-to-the-minute news on local venture-capital/private-equity firms and professional service providers, facilitates intermediaries' and entrepreneurs' identification of appropriate venture-capital or private-equity firms for a given investment, and communicates the substantial economic value of a strong private-equity community. No state-level rules were found for IVCA.

The Minnesota High Tech Association supports the growth, sustainability and global competitiveness of Minnesota's technology-based economy through advocacy, collaboration and education. MHTA advocates for technology growth that benefits the full spectrum of technology companies as well as organizations which are dependent on technology. No state-level rules were found for MHTA.

Michigan provides funds for the Michigan Venture Capital Association, which advocates for the private-equity/venture-capital industry. MVCA is a nonprofit trade organization designed to bring together venture-capital industry participants. The organization's goal is to grow and sustain a vibrant venture-capital community. Membership includes private-venture capital funds, corporate-venture capital funds, private-equity firms, angel investors, and entrepreneurial infrastructure participants. MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan's venture-capital industry. The Michigan Economic Development Corporation is a founding member of MVCA and has aggressively supported the growth of angel networks to fill the gap in seed-stage financing. No state-level rules were found for MVCA.