AB68-ASA2-AA6,114,10
5238.137 Small business pandemic recovery program. The corporation
6shall aid in the state's economic recovery from the COVID-19 global pandemic by
7providing financial assistance to small businesses adversely affected by the
8pandemic, including for the retention of current employees and the rehiring of former
9employees. The corporation shall, as necessary, coordinate with the department of
10revenue in the administration of the program under this section.”.
AB68-ASA2-AA6,114,16
13238.139 Financial assistance for underserved communities. The
14corporation shall expend $5,000,000 annually to provide grants, loans, and other
15assistance to underserved communities in this state, including members of minority
16groups, woman-owned businesses, and individuals and businesses in rural areas.”.
AB68-ASA2-AA6,114,20
19238.145 Venture capital fund of funds program. (1)
Definitions. In this
20section:
AB68-ASA2-AA6,114,2221
(a) “Investment manager” means the person with whom the oversight board
22enters into a contract under sub. (4).
AB68-ASA2-AA6,114,2323
(b) “Oversight board” means the oversight board created under sub. (2) (c).
AB68-ASA2-AA6,115,4
1(2) Establishment of program. The corporation shall establish and administer
2a fund of funds program to invest moneys in venture capital funds that invest in
3businesses located in this state, subject to the requirements of this section. In
4establishing the program, the corporation shall do all of the following:
AB68-ASA2-AA6,115,55
(a) Create a fund of funds.
AB68-ASA2-AA6,115,66
(b) Provide that the fund of funds will continuously reinvest its assets.
AB68-ASA2-AA6,115,87
(c) Create an oversight board to conduct any activity as required by this section
8or as directed by the corporation.
AB68-ASA2-AA6,115,14
9(3) Investments in venture capital funds. (a) The investment manager shall
10request from the corporation monies to make investments through the program
11established under sub. (2) and to pay the investment manager's management fee,
12and the corporation shall, subject to the approval of the secretary of the department
13of administration, pay the monies to the investment manager from the appropriation
14under s. 20.192 (1) (c).
AB68-ASA2-AA6,115,1615
(b) The oversight board shall establish investment policies for the program
16established under sub. (2), subject to all of the following conditions:
AB68-ASA2-AA6,115,2017
1. All moneys paid to the investment manager under par. (a) to make
18investments shall be committed for investment to venture capital funds, subject to
19the requirements of this section, no later than 60 months after the creation of the
20fund of funds under sub. (2) (a).
AB68-ASA2-AA6,115,2321
2. No more than $25,000,000 of the total moneys paid to the investment
22manager under par. (a) to make investments may be invested in any single venture
23capital fund.
AB68-ASA2-AA6,115,2524
3. At least 20 percent of the investments made through the program shall be
25directed to any combination of the following:
AB68-ASA2-AA6,116,2
1a. Businesses located in parts of this state that typically do not receive
2significant investment from venture capital funds.
AB68-ASA2-AA6,116,53
b. Businesses that are at least 51 percent owned by one or more members of a
4racial minority group and the management and daily business operations of which
5are controlled by one or more members of a racial minority group.
AB68-ASA2-AA6,116,86
c. Businesses that are at least 51 percent owned by one or more women and the
7management and daily business operations of which are controlled by one or more
8women.
AB68-ASA2-AA6,116,99
(c) No investment may be made through the program in a lobbying or law firm.
AB68-ASA2-AA6,116,14
10(4) Investment manager. The oversight board shall contract with an
11investment manager who meets the qualifications established by the corporation.
12The contract shall establish the investment manager's compensation, including any
13management fee. A management fee may not annually exceed 1 percent of the total
14assets under management in the program established under sub. (2).
AB68-ASA2-AA6,116,18
15(5) Venture capital fund requirements. The investment manager shall
16contract with each venture capital fund that receives moneys through the program
17established under sub. (2). Each contract shall require the venture capital fund to
18do all of the following:
AB68-ASA2-AA6,116,2119
(a) Make new investments in an amount equal to the amount of moneys it
20receives through the program in one or more businesses who are headquartered in
21this state and whose operations are primarily in this state.
AB68-ASA2-AA6,117,322
(b) At least match any moneys it receives through the program and invests in
23a business described in par. (a) with an investment in that business of moneys the
24venture capital fund has raised from sources other than the program. The
25investment manager shall ensure that, on average, for every $1 a venture capital
1fund receives through the program and invests in a business described in par. (a), the
2venture capital fund invests $2 in that business from sources other than the
3program.
AB68-ASA2-AA6,117,54
(c) Provide to the investment manager the information necessary for the
5investment manager to complete the reports under sub. (6) (a) and (c).
AB68-ASA2-AA6,117,9
6(6) Reports of the investment manager; public disclosures. (a) Annually, no
7later than 120 days after the end of the investment manager's fiscal year, the
8investment manager shall submit to the corporation a report for that fiscal year that
9includes all of the following: