MADISON, WI (WSAU) — Governor Tony Evers gave us another peek at this week’s budget proposal Sunday morning by announced plans for a $100 million venture capital fund and $200 million to help small businesses that have been impacted by the COVID-19 pandemic.
The venture capital fund would be able to issue up to $25 million to new business start-ups as long as the money is matched by the recipient. The business must also make certain investments in Wisconsin.
Some of the money would be reserved for businesses owned and operated by women or minorities.
The $200 million small business fund would go to WEDC to assist in hiring and talent retention for those who struggled through the pandemic or whose businesses were impacted by the Safer at Home order.
Evers says both proposals could help clear hurdles for new business start-ups in the state, where many small businesses labored through last year’s Coronavirus pandemic which included shutdowns of non-essential businesses. Many businesses are still operating under modified procedures that limit capacities or require customers to use curbside pickup or delivery services.
Over the last week, Evers has announced that his budget proposal will also contain a plan to legalize and tax recreational marijuana while also allowing some communities to tack a half-cent onto the sales tax rate and a plan to lower prescription drug costs.
The Governor will release his full budget proposal on Tuesday. The document will then be debated and reconciled over several months before being sent back to Evers for final approval.
