Madison – Today Governor Scott Walker signed Special Session Senate Bill 2 and Special Session Senate Bill 20 into law at S&S Cycle in La Crosse.
SS SB 2 allows the Wisconsin Housing and Economic Development Authority to better allocate the Small Business Loan program funding to guarantee a loan to an eligible borrower. SS SB 20 lowers restrictions on low-interest loans for the agriculture industry.
“These bills will allow WHEDA to select loans that have the greatest economic benefits, which will help create more jobs in Wisconsin,” Governor Walker said. “They were passed with wide bipartisan support, demonstrating everyone’s interest in making Wisconsin a job-friendly environment. I would like to thank State Senators Leibham and Schultz and Representatives Petryk and Nerison, Larson, Bernier for their leadership on this legislation.”
SS SB 2 was authored by Senator Leibham and Representatives Petryk, Larson and Bernier and removes the requirement that a small business owner be actively engaged in the business. It also expands the definition of small business to include businesses with 250 or fewer full time employees and increases the maximum portion of the principal loan to be guaranteed under the program to 80% of the principal loan or $750,000, whichever is less.
SS SB 20 was authored by Senator Schultz and Representative Nerison and changes the range of a maximum guaranteed agriculture loan amount to not less than $2,000 and not more than $150,000. Also, the bill deletes restrictive date limitations and provides that the term of a loan eligible for guarantee may extend to one year after the date the loan is made.
The bills were signed at S&S Cycle, a recipient of a WHEDA Small Business Loan that has 218 employees and 31 planned new hires.