2011 Wisconsin Code
Chapter 560. Department of commerce.
560.68 Administration.

560.68

560.68 Administration.

560.68(1m)

(1m) The department shall establish criteria for the award of grants and loans under s. 560.61, including the types of projects that are eligible for funding and the types of eligible projects that will receive priority.

560.68(2)

(2) The department shall actively 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 assisting small businesses in preparing grant and loan applications.

560.68(2m)

(2m) The department shall determine conditions applicable to a grant or loan under s. 560.61.

560.68(3)

(3) The department may charge a grant or loan recipient an origination fee of not more than 2% of the grant or loan amount if the grant or loan equals or exceeds $100,000. The department shall deposit all origination fees collected under this subsection in the appropriation account under s. 20.143 (1) (gm).

560.68(4)

(4) The department shall develop a policy relating to obtaining reimbursement of grants and loans provided under this subchapter. The policy may provide that reimbursement shall be obtained through full repayment of the principal amount of the grant or loan plus interest, through receipt of a share of future profits from or an interest in a product or process, or through any other appropriate means.

560.68(5)

(5) The department shall develop procedures related to grants and loans under s. 560.61 for all of the following:

560.68(5)(a)

(a) Submitting applications for grants and loans.

560.68(5)(b)

(b) Evaluating applications.

560.68(5)(c)

(c) Monitoring project performance.

560.68(5)(d)

(d) Auditing the grants and loans.

560.68(5m)

(5m) The department shall establish and implement procedures for monitoring the use of grants and loans awarded 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.

560.68(6)

(6) The department shall require, as a condition of a grant or loan, that a recipient contribute to a project an amount that is not less than 25% of the amount of the grant or loan.

560.68(7)

(7) 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:

560.68(7)(a)

(a) Publish and disseminate information about projects that may be funded by a grant or loan under s. 560.61 and about procedures for applying for grants and loans under s. 560.61.

560.68(7)(b)

(b) Simplify the application and review procedures for small businesses so that they will not impose unnecessary administrative burdens on small businesses.

560.68(7)(c)

(c) Assist small businesses in preparing applications for grants and loans.

560.68 - ANNOT.

History: 1987 a. 27; 1991 a. 39, 269; 1997 a. 27; 1999 a. 9; 2007 a. 20; 2009 a. 28, 265.