Owning a small business in Wisconsin can be incredibly rewarding. You’re your own boss, contributing to your community, and building something special. But let’s face it, starting and growing a business can be expensive. This is where Wisconsin small business grants come in!
Grant funding can be a game-changer, providing the resources you need to take your venture to the next level. Whether you’re a startup entrepreneur or an established business looking to expand, there’s likely a grant program out there for you.
In this blog post, we’ll explore 11 of the best Wisconsin small business grants currently available.
11 Wisconsin Small Business Grants
1. We’re All In Small Business Grant Program
The We’re All In Small Business Grant program is designed to help small businesses get back on their feet as they re-emerge from the COVID-19 pandemic and Safer at Home. While also encouraging adoption of best practices to keep employees, customers and communities safe.
Funded by the federal CARES Act, the We’re All In Small Business Grant will provide $2,500 to 30,000 Wisconsin small businesses to assist with the costs of business interruption or for health and safety improvements, wages and salaries, rent, mortgages and inventory.
To be eligible, businesses must:
- Be a Wisconsin-based, for-profit business
- Employ 20 or fewer full-time equivalent (FTE) employees, including the
owner - Earn greater than $0 but less than $1 million in annual revenues, and
- Been in business in February 2020
2. Collaborative Market Access Grant
Are you an export-ready Wisconsin business looking to take your products or services global? This grant program can help! The Collaborative Market Access Grant provides funding to eligible nonprofit organizations, industry associations, or economic development agencies that support export-ready companies.
These organizations can then distribute a portion of the grant to participating businesses for expenses related to increasing export sales. This grant provides pass-through reimbursed funds. Businesses may apply for up to $150,000 to provide assistance of no more than $15,000 per Wisconsin company per grant.
Eligibility requirements:
- Eligible recipients of a CMAG include industry associations, alliances, agencies, non-profits, regional economic development organizations, or other state/local departments located in Wisconsin working with Wisconsin companies to increase exports.
- Collaborators must provide a compelling case for how the project will benefit Wisconsin companies with international exports, demonstrate organizational support for the administration of the project, and provide an explanation for why their services are needed and how these grant funds will make an impact.
- The companies benefiting from these funds must comply with the eligible business requirements of the IMAG.
- Eligible expenses allowed for CMAGs may include, but are not limited to, those eligible under the IMAG.
- Recipients may be eligible for administrative costs to support the project. If applicable, administrative costs must be clearly outlined in the contract.
3. International Market Access Grant
This program directly reimburses eligible Wisconsin businesses for qualified expenses related to international business development. This can include things like attending trade shows, market research, and translation services.
Eligibility requirements:
- Be an established business operating for not less than one year that manufactures, processes, assembles and/or distributes a product or performs a service with a potential to be exported. The company does not need to be headquartered in Wisconsin but must have export-related operations located within the state and provide economic benefit to the state.
- Self-certify that at least 35% of the value of the product or of the service is composed of Wisconsin cost inputs. Program staff provide an Excel tool to help determine eligibility upon request.
- The company must be new-to-exporting (no significant export sales or novice/accidental exports) or participating in market expansion. International market is defined as a country, region, or market channel within a country.
- The company agrees to a minimum cost-match of 30% of the total grant awarded. Grant funds may not be used for past costs or costs associated with activities funded by a CMAG.
- ExporTech™ graduate companies generally may receive no more than six IMAG grants. Non-ExporTech™ graduate companies generally may receive no more than three IMAG grants.
4. Wisconsin Manufacturing Extension Partnership (WMEP) Grants
The Wisconsin Manufacturing Extension Partnership (WMEP) offers a variety of grant programs to support Wisconsin manufacturers. Grants are available for projects that focus on areas like productivity improvement, technology adoption, and workforce development.
5. Wisconsin SBDC Grants
The Wisconsin Small Business Development Center (SBDC) network offers a variety of resources and programs for small businesses across the state. Some SBDC centers also offer grant programs to support specific business needs. Contact your local SBDC to learn more about available funding opportunities.
6. SCORE Milwaukee Grants
SCORE Milwaukee, a chapter of the national SCORE organization, provides free and confidential business mentoring to entrepreneurs and small business owners. In addition, SCORE Milwaukee occasionally offers small grants to support local businesses.
7. Community Development Financial Institutions (CDFIs)
Community Development Financial Institutions (CDFIs) are mission-driven financial institutions that provide loans, investments, and financial services to businesses in underserved communities. Many CDFIs offer grant programs alongside their loan products. Consider searching for CDFIs operating in your area to see if they have grant programs available.
8. Wisconsin Women’s Business Development Corporation (WWBDC) Loan & Grant Programs
The Wisconsin Women’s Business Development Corporation (WWBDC) offers a variety of loan and grant programs specifically designed to support women entrepreneurs in Wisconsin. Programs focus on business startup, expansion, and leadership development.
9. Wisconsin Minority Business Development Agency (MBDA) Business Consortium
The Wisconsin Minority Business Development Agency (MBDA) Business Consortium is a network of organizations dedicated to supporting the growth and development of minority-owned businesses in Wisconsin. The consortium offers a variety of resources and programs, including access to grant funding for eligible businesses.
10. USDA Rural Business Development Grants
The United States Department of Agriculture (USDA) offers a variety of grant programs to support rural businesses. These programs can be a good fit for Wisconsin businesses located in rural communities. Grant funding can be used for a variety of purposes, such as business startup, expansion, and job creation.
11. Wisconsin Housing and Economic Development Authority (WHEDA) Programs
The Wisconsin Housing and Economic Development Authority (WHEDA) offers a variety of loan and grant programs to support economic development throughout the state. Some WHEDA programs may be relevant to small businesses, particularly those focused on development in specific areas or industries.
How to Get Small Business Grants in Wisconsin
Getting a grant for your small business might seem daunting. But like all other aspects of setting up shop in Wisconsin, you have to take it one step at a time. As a small business owner, you are bound to have numerous goals, and we get that they can all seem equally important.
But if you focus on one goal at a time for 45 or 30 minutes per day and do so on a regular basis, you can see some positive results, especially for things like finding funding.
1. Devote time to applying for grants
Start with the research process. Sift through potential grants until you have a few to apply for. Then go for it! It’s important to devote the right amount of time to applications, even if it’s only 30 minutes per day. It will be beneficial to keep track of your application details in a spreadsheet or document to keep everything organized, and to remind you of the progress you’re making.
2. Consider your eligibility
The best way to save time and streamline the application process is to keep eligibility criteria top of mind. It might sound basic. But by focusing on eligibility you can quickly identify which grants are a good fit for you and which are not worth your time.
This will allow you to focus only on those that deserve your attention. The last thing we want you to do is write a killer application only to discover your dog-walking business doesn’t technically qualify as an “outdoor” service per the grant’s criteria gasp.
3. Assess grant application fees
There isn’t a standard when it comes to grant application fees, and some will cost more than others. If you apply for several grants at once, the fees incurred could be substantial.
4. Consider Wisconsin small business grants alternatives
Applying for grants doesn’t guarantee you will win them, unfortunately, but there are several alternatives to getting your business some well-deserved financial support.
Unlike grants, loans are guaranteed if you meet the eligibility criteria. However, they also have to be paid back over a period of time. Luckily, many of the SBA loans have simple stipulations and zero interest rates. Opting for a small business loan ultimately comes down to you, your business, and how you see things developing over time.
If you don’t have the time for grants and don’t like the idea of loans, consider running a crowdfunding campaign. Crowdfunding can create public interest in your business.
If you write an engaging description and present your case well (through video or other artistic means). You stand a good chance of pulling interested parties into your sphere, along with their funding. These parties will want to see your company come to life through their active investment.
Conclusion
Starting and running a small business in Wisconsin is an exciting challenge. By taking advantage of the many resources available, including grant programs, business counseling, and loan programs, you can increase your chances of success.
Remember, there are many organizations and programs out there to support your entrepreneurial journey. Don’t be afraid to ask for help and leverage the resources available to turn your dream into a thriving Wisconsin small business!
Frequently Asked Questions
Who provides small business grants in Wisconsin?
Local and state government agencies offer a variety of small business grants in Wisconsin.
You can compare small business grants in Texas with similar programs in other states, such as:
- Small Business Grants Michigan
- Illinois Small Business Grants
- Small Business Grants Ohio
- Colorado Small Business Grants
- Small Business Grants Arizona
- Indiana Small Business Grants
- Small Business Grants Texas
In this section, key information regarding small business funding programs in Wisconsin is provided, including eligibility, application processes, and particular resources for minority business owners.
What are the eligibility requirements for startup funding programs in Wisconsin?
Eligibility for startup funding programs in Wisconsin typically requires the business to operate within the state, have a feasible business plan, and sometimes focus on certain priority industries. Programs like the We’re All In Small Business Grant specify additional criteria such as revenue thresholds.
How can individuals apply for small business funding in Wisconsin?
Individuals can apply for small business funding in Wisconsin by visiting state-supported websites or contacting local Small Business Development Centers. For example, Wisconsin’s Department of Revenue provides guidelines for grant applications.
What steps should be taken to secure a $20,000 grant for a small business in the state?
To secure a $20,000 grant, a business owner should research grant opportunities, ensure they meet eligibility criteria, gather required documentation, and submit a comprehensive application. Following the steps outlined by programs like Wisconsin Economic Development Corporation’s small business initiatives is crucial.
Where can one find information about free small business funding opportunities in Wisconsin?
Information about free small business funding opportunities in Wisconsin can be found on state agency websites, such as the Wisconsin Economic Development Corporation, or through financial advisory sites like Forbes Advisor.
How can minority business owners access specific grants in Wisconsin?
Minority business owners in Wisconsin have access to targeted funding opportunities through state and private programs. These programs may be designed to support underrepresented groups in business, with details available through local business support organizations and state resources.
What are the repayment terms for small business grants offered by the state of Wisconsin?
Small business grants typically do not require repayment, as they are funding meant to support and stimulate business growth and economic development. However, businesses must use the funds according to the grant agreement, often with specific conditions on how the money can be spent.
We hope this comprehensive guide has been helpful! For additional information and updates on Wisconsin small business grants, be sure to check the websites of the organizations listed throughout this blog post.
