The Wisconsin Economic Development Corp.’s direct assistance programs awarded $23.2 million to 314 companies, helping them attract about $300 million in funding and earn $85 million in revenue in 2016, the organization reported today.
The four programs included in the totals are: Qualified New Business Venture Program, Technology Development Loan Program, Seed Accelerator Program and Capital Catalyst Program.
In August, the WEDC reported the results of the QNBV program specifically, which makes up most of the $300 million in new funding. That program attracted $281.7 million in funding to 84 startups in 2016, up 60 percent from $177 million in 2015. In turn, WEDC issued $17.9 million in tax credits to investors in certified businesses. There were 47 new QNBV certifications in 2016.
The Technology Development Loan Program has 96 active loans out to 80 companies that employ 1,008 people at an average salary of $72,560. WEDC gave out 15 new TDL loans last year totaling $3.2 million. The TDL companies raised $115 million in funding in 2016, and received $13.3 million in grants. They reported total revenue of $40.3 million in 2016.
WEDC contributed $1.2 million in grants to the Seed Accelerator Program in 2016. The seed accelerator companies supported 510 jobs and $9 million in salaries last year. Accelerators helped 58 businesses and provided $800,000 in funding in 2016, down from 71 companies assisted in 2015.
And WEDC provided $900,000 in grants, loans and investments to Capital Catalyst funds in 2016. 30 companies were assisted, down from 33 in 2015 and 43 in 2014. The funds provided $1.8 million to businesses and leveraged another $3.4 million in investment for those companies.
The 314 companies that received funding from the Qualified New Business Venture Program, Technology Development Loan Program, Seed Accelerator Program and Capital Catalyst Program in 2016 employed 2,133 full-time employees, up 22 percent from 2016. They also had 717 part-time employees, and paid out $111 million in wages, according to the WEDC.
