Section 404.03. Selection of business development organization.

  The department may make grants to a business development organization in order to provide funding for the guarantee of a mobilization loan provided that the business development organization:

(1)  Is the Wisconsin housing and economic development authority; or

(2)  Is a non-profit corporation; and

(a) Has a minimum of 5 years experience developing business and loan plans for small businesses; and

(b) Has a minimum of 5 years experience providing management and technical assistance to small businesses; and

(c) Has demonstrated a commitment to securing financing for minority and women-owned businesses; and

(d) Has demonstrated a commitment from other lending institutions to participate in the program.

(3)  Any business development organization selected by the department shall allow the department to audit at any time the monies conveyed to the organization for the operation of the program and individual loans guaranteed under this chapter.

(4)  Any business development organization selected by the department shall enter into a written agreement with the department.

History: Cr. Register, December, 1988, No. 396 , eff. 1-1-89.