Main street bounceback grants and making an appropriation. (FE)
Impact
By formalizing funding for the Main Street Bounceback Grant program, AB963 seeks to enhance local economies and create new job opportunities in Wisconsin. The bill's framework requires the WEDC to establish eligibility criteria and procedures for grant applicants that closely mirror those of the existing Wisconsin Tomorrow Main Street Bounceback Grant program. This continuity in eligibility requirements is intended to streamline the grant allocation process and ensure that the funds effectively support local businesses.
Summary
Assembly Bill 963 introduces provisions for the establishment of 'main street bounceback grants' under the Wisconsin Economic Development Corporation (WEDC). The bill appropriates $25,000,000 in general purpose revenue for both fiscal years 2023-24 and 2024-25, aimed at assisting businesses that are either opening new locations or expanding operations in previously vacant commercial spaces. This initiative is designed to stimulate economic activity and encourage the revitalization of communities by filling underutilized commercial properties.
Contention
One notable point of contention regarding AB963 arises from its stipulation that grants cannot be awarded to nonprofit organizations. This exclusion has raised discussions among various stakeholders about support for community-focused initiatives that often benefit from such funding. Proponents of the bill argue that the focus on for-profit businesses will drive immediate economic growth, while opponents express concern that the lack of support for nonprofits may leave valuable service providers underfunded, thus limiting comprehensive community development.