RURAL HOUSING AND ECONOMIC DEVELOPMENT FY2000 GRANTS

PROJECT SUMMARY

Wisconsin

The Wisconsin Business Innovation Corporation (WBIC) of Spooner will receive a Rural Housing and Economic Development Grant in the amount of $510,350. This innovative activities grant will enable the non-profit WBIC to continue work in a ten county rural pilot region of northwest Wisconsin while expanding activities over a three-year period into a larger rural area involving a total of thirty-eight counties. WBIC, through its Rural Technology Based Economic Development Initiative, anticipates providing a range of technical assistance services to more than 50 small and growing, technology-based firms. While continuing to develop its network of local business enterprise centers (incubators) in partnership with local governments in small rural communities, the grant will create a venture capital equity fund targeting science-based agriculture and wood products firms. With the help of community-based organizations, the fund is expected to grow to $2,000,000 within one year. In all, the Development Initiative expects to leverage $8,000,000 or more of debt and equity capital for development of such firms. In the process, 2,000 or more jobs, which are higher skilled and higher paying than those prevailing in the local labor market place, are expected to be created.

Contact Person: Mark Mueller

Grantee Address: 1400 South River Street, Spooner, WI 54801

Telephone Number: (775) 574-1000

 

CAP Services of Stevens Point, on behalf of the City of Wautoma and Waushara County, WI will receive a Rural Housing and Economic Development grant in the amount of $440,000. This support for innovative activities grant will allow the acquisition, renovation, and expansion of a former hospital to provide additional housing and economic development opportunities in Wautoma. The facilities to be created include a business incubator and low- and moderate-income adult, senior, and community-based residential housing and care facilities, which are additionally expected to create new jobs for low-income individuals. The grant will leverage $470,500 in other Federal, state, local and private funds. Initial sources will include a USDA Rural Business Enterprise Grant, a local Initiatives Support Corporation Rural LISC grant, and a Wisconsin Department of Workforce Development Jobs and Business Development grant. Anticipated permanent funding sources include USDA Community-Facilities loan funds, Wisconsin Housing and Economic Development loan funds, and Federal Home Loan Bank Affordable Housing Program financing.

Contact Person: Karl S. Pnazek

Grantee Address: 5499 Highway 10 East, Stevens Point, WI 54481

Telephone Number: (715) 345-5200

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