CONTACT: Ellis Brachman
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Federal Funds Intended To Help Local Companies Acquire New Technology
WASHINGTON, D.C. – Seventh District Congressman Dave Obey (D-WI) announced today that the House has approved his request for $300,000 in next year’s Housing and Urban Development budget to help the North Central Wisconsin Regional Planning Commission (NCWRPC) capitalize a Technology Revolving Loan Fund intended to help existing area companies acquire new technologies to enhance their competitiveness.
“The North Central Wisconsin Regional Planning Commission has a track record of helping local businesses find the tools they need to succeed. Hopefully these federal funds will help them expand their efforts to enhance economic development in our community,” said Obey. “The bill must still be approved by the Senate and signed by the President before it becomes law, but having these funds included in today’s House approved version means that a major hurdle has been cleared.”
NCWRPC is a voluntary association of the governments of Lincoln, Langlade, Marathon, Oneida, Portage, and Wood counties in the 7th Congressional District, as well as Adams, Forest, Juneau, and Vilas counties. It was created in 1973 by those communities to assist in improving and enhancing the economic conditions in the region.
” We are excited to work with Representative Obey in capitalizing a fund that is specifically tailored to early-stage and seed-stage businesses competing in the new economy , said James Hanke, NCWRPC’s Economic Development Planner. “Through his support of this effort, Rep. Obey has once again demonstrated his commitment to enhancing this region’s economic competitiveness.”
Hanke further indicated that “Developing a loan fund that can be used alongside local angel investors and venture capitalists will go a long way toward attracting and retaining entrepreneurial talent in the region. We perceive this loan fund as one of many critical assets that Central Wisconsin maintains to support employment growth, cultivate innovation, and encourage new company formations in our region.”
