The Wisconsin Economic Development Corporation (WEDC) has released its annual report for fiscal year 2013, highlighting the organization’s efforts to improve the state’s business climate.
WEDC provided the following executive summary of the report in a press release announcing the report’s availability:
WEDC, the state’s lead economic development organization, provided more than $330 million in financial assistance to businesses, communities and other organizations through 270 loan, tax credit, grant and bond financing awards during the fiscal year, which ran from July 1, 2012, to June 30, 2103.
Working with its key strategic partners around the state, WEDC provided assistance to 2,085 companies and 69 communities, according to the report. Those efforts are expected to result in the creation or retention of more than 37,000 jobs.
The report highlights several key initiatives and the results of those efforts, including:
- Issuing 91 tax credit awards totaling $112.1 million. Those awards are expected to leverage more than $1.1 billion in private investments.
- Making 32 business retention and expansion loans totaling $14.7 million, which are expected to leverage more than $176 million in private spending.
- Launching two new programs – Seed Accelerator and Capital Catalyst –to provide early-stage capital as and other assistance to entrepreneurs. Among the businesses assisted by the Seed Accelerator Program are four companies that have opened in the Global Water Center in Milwaukee.
- Increasing Wisconsin’s international market presence from four countries in fiscal year 2012 to 36 in fiscal year 2013.
- Working with 33 Main Street communities throughout the state to start 98 new businesses and create more than 300 jobs – primarily in downtown areas.
- Providing $400,000 through a revolving loan program to the state’s minority chambers of commerce. Those funds will be used to help minority businesses start and grow their companies.
- Providing more than $700,000 top nine regional economic development organizations throughout Wisconsin to help them meet the unique needs of their specific communities.
- Taking steps to become more transparent and accountable through measures such as the enhanced interactive database and map that allow the public to access information on all WEDC awards.