Applications Now Available for Community-Based Economic Development Funding

For Immediate Release: October 23, 2007
Contact: Tony Hozeny, Department of Commerce, 608/267-9661

MADISON - Community-based organizations and local officials seeking to promote business growth and development will want to apply for project funding through Community-Based Economic Development (CBED) Program in the Department of Commerce (Commerce). Application deadline is December 7, 2007.

"The CBED Program is a key tool for developing strong organizational capacity to support local economic development activities," said Commerce Secretary Mary P. Burke. "We want to support activities that will have the greatest impact on local economies and the state as a whole."

The CBED Program assists community-based organizations with development and business assistance projects, and can help them plan, build, and create business and technology-based incubators. The grants can also play a role in capitalizing an incubator tenant revolving-loan program. Counties, cities, villages, townships and tribes may apply for CBED grants assistance to develop an economic development plan for diversifying the local or regional economy, attracting new businesses and jobs, and promoting economic development.

Commerce will show preference to applications that address the following program priorities:

• Support activities designed to develop or expand tech-based incubators.
• Target promising and innovative community-based projects that promote entrepreneurship
• Promote a regional approach to community development and encourage collaboration between multiple organizations to implement a unique or innovative solution to a local development problem.

To apply, visit commerce.wi.gov/CD/CD-bcf-cbed.html. For additional program information, contact Doug Thurlow, Commerce, 608/266-7942.

-30-