Racine County tech entrepreneurs will have a new stream of funding to turn to as the City of Racine and the Wisconsin Economic Development Corporation partner on a $200,000 fund.
The fund, created by $100,000 from each partner, will support entrepreneurs behind new technologies in disciplines with high-growth potential.
The Racine County Economic Development Corporation will handle administration of the program, which has received a $100,000 award from WEDC’s Capital Catalyst Program.
Funds will be distributed through both loans and grant financing.
In helping early-stage companies ascend to the next stage of development, the WEDC and RCEDC aim to extend the line of innovators across Racine County.
“Racine’s legacy companies such as Horlick Malted Milk, SC Johnson, J.I. Case Company and others started with an idea and the drive to take that idea and make a business out of it,” Racine mayor John Dickert said in a statement. “Today Racine continues to draw dynamic innovators including DeltaHawk Engine, Vista Dental and Butter Buds, just to name a few. We realize, however, that innovation requires capital to convert ideas into sales. The city’s leadership wants to continue these patterns, and this new loan program intends to foster high growth companies in Racine.”
Nine communities and organizations in Wisconsin are benefitting from WEDC’s Capital Catalyst Program to aid startups. The program pairs WEDC with local economic development entities to disseminate capital that will stimulate business advancement.
