The Wisconsin Economic Development Corporation has announced that as many as 5,000 small businesses across Wisconsin will be eligible for $10,000 grants if they occupy previously vacant storefronts.
The Main Street Bounceback Grants will be available on a first-come, first-serve basis to any business that has moved or will move into a previously vacant space between January 1, 2021 and June 30, 2022. Recipients must intend to occupy that space for at least a year.
The grants will be administered by regional economic development agencies; Madison Area Regional Economic Partnership (MadREP) will manage the grants in South Central Wisconsin.
MadREP CEO Jason Fields said the $4 million that’s already been allocated to the Madison area means his office can fund as many as 33 grants per month, and he expects to hit that pace within the next few weeks.
“This announcement hasn’t technically been blasted, but we’ve already got applications and people calling,” Fields said at an announcement event on State Street in Madison on Thursday.
WEDC Deputy Secretary Sam Rikkers said WEDC is working with local ethnic chambers of commerce — including the Madison Black Chamber of Commerce, Latino Chamber of Commerce and Hmong Wisconsin Chamber of Commerce — to get the word to businesses owned by people of color.
“I will encourage Latino-owned businesses to apply for this,” said Latino Chamber of Commerce president Jessica Cavazos. “I think in the past we’ve had a disadvantage, as far as capital and having access to funding to be on State Street or wherever we want.”
Madison Business Improvement District Executive Director Tiffany Kenney said Madison’s downtown currently has 46 vacant storefronts.
“My glass-half-full is that’s 46 opportunities,” she said. “So let’s figure out how to get more businesses onto State Street, the Capitol Square and anywhere else that they want to be part of this downtown.”
Businesses who qualify for the grants should fill out an interest form on the WEDC website at this link. They will then be connected with their regional economic development partner to proceed.
Rikkers said that so far, half of the $50 million has been given to the regional economic development partners, and the other half will be distributed later this year based on which regions have the greatest need.
