The Village of Prentice, State of Wisconsin, and other various organizations offer programs and financial assistance to aid businesses who are just starting, expanding, relocating, or who are in need due to certain business situations. These programs and assistance are mainly in the form of grants, loans/bonds, or tax credits.
Grants
Blight Elimination and Brownfields Redevelopment (BEBR) Grants
The Blight Elimination and Brownfield Redevelopment Program (BEBR) provides grant funds to assist local governments, businesses and individuals with assessing and remediating the environmental contamination of an abandoned, idle or underused industrial or commercial facility or site.
Business Employees’ Skills Training (BEST) Program
The Business Employees’ Skills Training (BEST) program was established by the Wisconsin Legislature to help small businesses in industries that are facing severe labor shortages upgrade the skills of their workforce. Under the BEST program, Commerce can provide applicants with a tuition reimbursement grant to help cover a portion of the costs associated with training employees.
Customized Labor Training (CLT) Program
The CLT program is designed to assist companies that are investing in new technologies or manufacturing processes by providing a grant of up to 50% of the cost of training employees on the new technologies. The program’s primary goal is to help Wisconsin manufacturers maintain a workforce that is on the cutting edge of technological innovation.
Early Planning Grant (EPG) Program
The EPG program allows applicants to hire an independent third party to help them prepare a comprehensive business plan.
Entrepreneurial Training Program (ETP)
For entrepreneurs that would rather prepare their business plan in a more formal setting and for those businesses that fall outside the identified Industrial Clusters, Commerce offers the ETP program. Under this program, applicants are provided with a grant to cover up to 75% of the tuition costs associated with enrolling in an approved course at their local Small Business Development Center (SBDC).
Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs
The Small Business Innovation research (SBIR) program is a set-aside program (2.5% of an agency’s extramural budget) for domestic small business concerns to engage in Research/Research and Development (R/R&D) that has the potential for commercialization.
Technology Assistance Grants (TAG)
The Wisconsin Department of Commerce’s Technology Assistance Grant program aids small Wisconsin high-technology businesses in their efforts to obtain federal research and development funding.
The Wisconsin Department of Commerce’s Technology Bridge Grant program aids small Wisconsin businesses experiencing severe financial hardship while awaiting a decision on Phase II or other follow-on funding applications.
The Wisconsin Department of Commerce’s Technology Matching Grant program is open to small Wisconsin businesses that are completing an application for federal funds to assist with the development or commercialization of a technologically-innovative product, process or service.
Transportation Economic Assistance (TEA) Program
The Transportation Economic Assistance (TEA) program provides 50% state grants to governing bodies, private businesses, and consortiums for road, rail, harbor and airport projects that help attract employers to Wisconsin, or encourage business and industry to remain and expand in the state.
Loans and Bonds
Community Development Block Grant for Economic Development Revolving Loan Fund (CDBG-ED/RLF)
Successful local development projects depend on effective partnerships. In pursuing their economic goals and objectives, many Wisconsin communities have used the CDBG-ED program to help businesses structure financial packages necessary for a start-up or to expand present operations. These loans, when repaid directly to the community, are used to capitalize a community Revolving Loan Fund (RLF).
The State of Wisconsin, Price County and the Village of Prentice offer a variety of financial incentives to businesses wishing to expand within the Prentice North or South Industrial Airparks. A number of grants and low interest loans are available to help start or grow your businesses.
To learn more about specific program requirements and eligibility please visit the State of Wisconsin’s site for Business Development. It is www.commerce.state.wi.us/BD/
The Village of Prentice administers a revolving loan fund. Contact individual can be found below.
Village of Prentice 605 Spruce Street Prentice, WI 54556
715-428-2124 Fax 715-428-2120 or e-mail: clerk@vil.prentice.wi.gov
Website: www.vil.prentice.wi.gov
