Wisconsin businesses may be able to get assistance in the form of small business grants.
What is this Small Business Grant Program?
As part of the Main Street Bounceback Program, small businesses located in Wisconsin are able to receive $10,000 grants to start up or expand their operations. As of April 1, 2022, approximately $34 million has been given to over 3,400 businesses/nonprofits in the state. This program was launched in August 2021 by the Wisconsin Economic Development Corp and offers grants to businesses so they can pay for leases and cover other costs associated with establishing a storefront. These small business grants are made possible through federal stimulus funding.
During the COVID-19 pandemic, business applications in the state of Wisconsin significantly increased. This grant program provides residents with the opportunity to shop local, supporting their communities.
According to the WEDC, when money is put to work within the community, it is stretched and used again by small businesses. This influx of funds and stimulation benefits the local economies. While it’s true that there are many small businesses that survived the pandemic, the empty spaces along Main Street in various parts of the state are a bit discouraging.
Since there doesn’t seem to be much going on, people aren’t stopping and walking around like they once did. When vacant spaces are filled, it not only helps new businesses but also those that did survive the pandemic. This is especially true in the smaller counties and, according to the WEDC, businesses in all 72 counties in Wisconsin have received some of these funds. For a small business, $10,000 can do a lot. For some, it can cover rent for an entire year. These grants have leveled the playing field for businesses located in an area that is unable to compete with businesses located in larger cities.
If you compare the smaller towns to the bigger ones of Green Bay, Milwaukee, or Madison, they don’t stand a chance. This doesn’t mean they don’t have the same needs for developing their own economies and make life better for their residents.
According to the WEDC, as of March 31, 2022, Crawford county received 30 of the grants, which has helped create jobs. Prior to these grants, the county had a 5.3% unemployment rate, which was over the state average of 2.9%. Though these might not be huge jobs, it’s still important for developing the workforce.
These funds help public services, including local schools and the amount of money injected into the local economies does more than impact the business itself- it touches the entire community.
If you are a small business located in Wisconsin, consider looking into these small business grants if you haven’t already. This can be exactly the boost that you need to start or grow your business.
Contact Nolan Accounting to help you manage your funds, as well as your day-to-day accounting, bookkeeping, payroll, and even tax prep. They are here to help your Southeastern Wisconsin business thrive.