560.305 Administration. - Wisconsin Statutes

560.305

560.305 Administration.

560.305(1)

(1) 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:

560.305(1)(a)

(a) 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.

560.305(1)(b)

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

560.305(1)(c)

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

560.305(2)

(2) The department may charge a grant or loan recipient an origination fee of not more than 2 percent 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 into the appropriation account under s. 20.143 (1) (gm).

560.305(3)

(3) 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.

560.305(4)

(4) 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 percent of the amount of the grant or loan.

560.305 - ANNOT.

History: 2009 a. 28, 265.