Gov. Evers Announces More Than $86 Million for Diverse Business Investment and Diverse Business Assistance Grants
Funding aims to support small businesses through Community Development Financial Institutions and chambers of commerce statewide
Gov. Tony Evers recently awarded more than $86 million in grants to support small businesses in communities disproportionately impacted by the pandemic that have historically had difficulty accessing credit and capital.
Of the more than $86 million, $57.6 million in grants were awarded through the Diverse Business Assistance Grant Program to 24 chambers of commerce and nonprofit organizations providing assistance to small businesses. These grants will support the work of chambers of commerce across the state in providing coaching and mentoring, technical assistance, equipment and internet services, digital literacy, online marketing and social media training, financial aid, and financial literacy support, as well as networking and educational opportunities for new business owners and emerging entrepreneurs. A list of grant awardees and additional information can be found here.
Another $28.8 million in grants were awarded through the Diverse Business Investment Grant Program to nine Community Development Financial Institutions (CDFIs). These CDFIs support micro and small businesses not only through lending and providing access to capital and credit, but many also support programs that provide additional technical assistance, coaching and mentoring, and credit counseling. These grants will help these institutions continue to bolster and ignite economic and business growth in Wisconsin. A list of grant awardees and additional information can be found here.
Part of a more than $1 billion investment allocated by the governor for economic resilience and support for small businesses and impacted industries, the Diverse Business Assistance and the Diverse Business Investment Grant Programs were established to support an equitable economic recovery in Wisconsin and help businesses that have been both severely distressed by the economic effects of the coronavirus pandemic and have historically had difficulty accessing the credit and capital necessary to recover. Both programs are administered by DOA and funded through the American Rescue Plan Act (ARPA).
Wisconsinites can visit BadgerBounceback.wi.gov to view all pandemic-related assistance information and data.