Tax Credits
Environmental Grants and Loans
Industrial Revenue Bonds
SBA 504 Debenture Program
Workforce Development Resources
MEDC can assist you with information regarding several state and federal tax credit programs. These include federal and state tax credits available for job creation through the Renewal Community Wage Credit and environmental remediation and technology investments depending upon on location and
program eligibility.
www. mkedcd.org/projects/rc/index.html
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Environmental Grants and Loans
Brownfield Site Assessment Matching Grant Eligible Activities: Phase II Site Assessments, remedial action plans, confirmatory sampling, DNR fees (Not to be used in place of PECFA).
The Brownfield Site Assessment Matching Grant Program is designed to encourage the investigation and redevelopment of industrial and commercial properties in the City of
This is a reimbursement grant and payment will be made upon completion of work. No repayment is expected. Fee: $50.00.
Eligibility:
Timing: Applications are reviewed/approved on a continuous basis (click here for application).
For more information on brownfield financial programs, contact Karen Dettmer at (414) 286-5642 or email Karen.dettmer@milwaukee.gov.
The City of Milwaukee and its Redevelopment Authority issue tax-exempt industrial development revenue bonds to finance projects for manufacturers, building construction, renovation, machinery and equipment of manufacturing facilities are eligible projects for industrial revenue bonds. Bonds are issued by a municipality in the name of the company. The costs of land, facility construction or renovation, new equipment, architectural and engineering studies, site improvements and interest during construction are all eligible for financing. The applicant is responsible for all debt service. Bonds are exempt from federal income tax and, in some cases, state income taxes.
This program has provided nearly $685 million in financing to more than 200 Milwaukee firms.
Uses
- Long-term financing depending upon life of assets.
- Advantages: Fixed or variable rates.
- Fees: $1,000 to Authority with initial application and .75% of the bond amount upon issuance.
- Participating underwriters will charge from 1 to 1.5% plus out-of-pocket costs.
- Bonds are typically secured by a bank letter-of-credit.
- Certain banks purchase these instruments for their own accounts, thus eliminating the underwriter and related costs.
Timing
Generally, a company should not incur project costs (except site purchase) prior to City or Authority's adoption of an Initial Resolution. Under IRS code, only costs incurred no more than 60 days prior to the adoption of the initial resolution can be rolled into subsequent bond issue. Final bond issuance generally takes place 60 to 90 days later, depending on negotiations between underwriters, borrower and letter-of-credit bank.
SBA 504 Debenture is designed for businesses seeking 10 or 20 year fixed rates of interest for major building or equipment projects. The 504 Debenture is limited to $1 million (up to $1.3 million in certain cases) or up to 40% of the fixed asset project cost, whichever is less. The SBA 504 will fund the purchase of land, buildings, renovation, equipment and soft costs associated with any construction. Businesses must be for profit and fall within SBA size standards. Working capital and passive real estate projects do not qualify.
MEDC collaborates with Wisconsin Business Development for loan structuring and submission:
Wisconsin Business Development Finance Corporation
W229 N1433 Westwood Drive, Suite 206
Waukesha, WI 53186
(262) 970-8533
www.wbd.org
Business Planning and Growth
BizStarts Milwaukee, Inc.
10437 Innovation Drive - Suite 317
Milwaukee, WI 53226
Offering: Multiple resources for starting a business on one website. Resources include: a comprehensive library; getting started guidance; classes throughout the seven county region; assistance for fast growing innovative companies; and public and private service technical assistance providers. www.bizstartsmilwaukee.com
City of Milwaukee-Emerging Business Certification
Offering: Assistance to women/minority owned small business to receive or enhance opportunities on government contracts. Eligible businesses must complete a certification process. State and County governments have similar programs. (414) 286-5553, www.milwaukee.gov/EmergingBusinessEnte1389.htm
Inventors and Entrepreneur Forums
Meetings held monthly in each county: Milwaukee, Washington, Ozaukee and Waukesha (Brookfield).
Offering: Networking and resources for inventors.www.wenportal.org for schedules.
SCORE
310 W. Wisconsin Avenue, Suite 425
Milwaukee, WI 53203
(414) 297-3942
Offering: Classes and coaching. http://www.scoremilwaukee.org/
Milwaukee Public Library-Business Resources
814 W. Wisconsin Avenue
Milwaukee, WI 53233
(414) 286-3000
Offering: Online resources and search assistance. www.mpl.org/file/business
Small Business Development Center, UW-Milwaukee School of Continuing Education
161 W. Wisconsin Avenue, Suite 6000
Milwaukee, WI 53203-2602
(414) 227-3200
Offering: Classes and coaching. www.sce-sbdc.uwm.edu
Urban Entrepreneur Partnership
Milwaukee Urban League
435 W. North Avenue
Milwaukee, WI 53212
(414) 264-2906
Offering: Coaching and technical assistance. www.uep.gov
Wisconsin Entrepreneur Network
Offering: Offering Statewide network of entrepreneurial resources. www.wenportal.org
Wisconsin Manufacturing Extension Partnership
(877) 856-8588
Offering: Lean manufacturing consulting and classes. www.wmep.org
Wisconsin Procurement Institute
(414) 270-3600
Offering: Assistance in obtaining federal government contracts. www.wispro.org
Wisconsin Women's Business Initiative Corporation (WWBIC)
2745 N. Dr. Martin Luther King Jr. Drive
Milwaukee, WI 53212
(414) 263-5450
Offering: Classes, microloans and technical assistance. www.wwbic.com
Business Financing Resources
BizStarts Milwaukee, Inc.
10437 Innovation Drive - Suite 317
Milwaukee, WI 53226
Offering: Multiple resources for starting a business on one website. Resources include: a comprehensive library; getting started guidance; classes throughout the seven county region; assistance for fast growing innovative companies; and public and private service technical assistance providers. www.bizstartsmilwaukee.com
City of Milwaukee-Facade and Sign Programs
Grants for sign and facade improvements to commercial buildings. www.mkedcd.org/business/busfac.html
City of Milwaukee-Renewal Community Tax Credits
Four federal tax credits for firms located in eligible census tracts. www.milwaukeetaxinfo.com
City of Milwaukee-Tax Increment Financing, www.mkedcd.org/business/TIF/index.html
City of Milwaukee-Industrial Revenue Bond
Redevelopment Authority of the City of Milwaukee, http://www.mkedcd.org/RACM/index.html
Small Business Innovation Research Program & Small Business Technology Transfer Program SBIR/STTR
Offering: Federal research grants to small businesses. www.wisconsinsbir.org
Wisconsin Business Development Finance Corporation
W229 N1433 Westwood Drive, Suite 206
Waukesha, WI 53186
(262) 970-8533
Offering: SBA 504 loan structuring and applications. www.wbd.org
Wisconsin Department of Commerce Loan Programs
Milwaukee Location: 101 W. Pleasant St., Suite 205, Milwaukee, WI 53202
Offering: Minority Business Loan Program, Customize Labor Training and miscellaneous loan programs. www.commerce.wi.gov email: BD@commerce.state.wi.us
Wisconsin Department of Commerce Tax Credits
www.commerce.state.wi.us
Offering: WI Tax Credits, Technology Zone, Community Development Zone, Enterprise Zone, Film Industry, Investor Tax Credit,email: BD@commerce.state.wi.us
Wisconsin Housing & Economic Development Authority (WHEDA)
140 S. 1st St., Suite 200
Milwaukee, WI 53204
(414) 227-4039 or 800-628-4833
Offering: Small business loan guarantees and linked deposit loan program. Bank initiates application. www.wheda.com
Wisconsin Women's Business Initiative Corporation (WWBIC)
2745 N. Dr. Martin Luther King Jr. Drive
Milwaukee, WI 53212
(414) 263-5450
Offering: Microloans ($500-$100,000) www.wwbic.com
Workforce Development Resources
- MAWIB, http//www.milwaukeepic.com
- UW-Milwaukee Workforce Enterprise,www.workforceenterprise.org
- Milwaukee Area Technical College, www.matc.edu/ecam/overview/new_workforce.html
- Wisconsin Department of Workforce Development, http://www.dwd.wisconsin.gov/dwd/employers.htm
