Contact:
Ethnie Groves, Governor Doyle’s Office,
608-261-2156
Credits Will Help Minority Business Incubator Create Jobs
Governor Jim Doyle announced today a $3 million investment
by the Wisconsin Community Development Legacy Fund to support the Genesis
Enterprise Center (GEC) in Madison.
“This investment will help retain 100 jobs and could result
in between 50 to 100 new jobs,” Governor Doyle said. “The partnerships in
place at Genesis are a model for what is possible when federal, state, and
local governments join together to support community groups with a plan to
improve their communities.”
The investment uses New Markets Tax Credits, part of a $100
million allocation secured by the Wisconsin Housing and Economic Development
Authority (WHEDA), Legacy Bancorp, and Impact Seven through the Legacy Fund,
a partnership entity.
Under the Doyle Administration, WHEDA and its partners
created the fund in a successful quest for federal New Markets Tax Credits.
The credits are targeted to investments in distressed economic areas of
Wisconsin.
The state has worked closely with the City of Madison to
support the work of GEC. The city provided more than $1 million in loans to
help GEC acquire its current location in 2002, and $100,000 in funding more
recently.
GEC is a minority-owned incubator for start-up and expanding
small businesses. It supports small businesses by providing below-market
rental rates, shared services, and business assistance. Its primary mission
is to act as a catalyst for economic development and revitalization in south
Madison by attracting businesses that create challenging, well-paying jobs.
“Genesis Enterprise Center plays a vital role in creating
jobs and opportunity in south Madison,” Madison Mayor Dave Cieslewicz said.
“This partnership between the city and state is good news not just for
Genesis, but for the entire south Madison community.”
“The new investment exemplifies a cooperative approach being
encouraged by Governor Doyle’s ‘Grow Wisconsin’ Initiative,” said Antonio
Riley, WHEDA executive director.
The investment also supports the City of Madison’s efforts
to revitalize its south side. Last year, the City received a $10 million
tax credit award – the Legacy Fund’s first venture. That award went toward
redeveloping the closed Villager Mall.
Last January, Governor Doyle visited Genesis and presented a
$30,000 grant through the Community Based Economic Development Grants
program at the Department of Commerce.
WHEDA is Wisconsin’s state housing authority. Its goal is
to stimulate and preserve affordable housing, small business, and
agribusiness.
