Ladysmith Receives Grant Funding for Small Business Program

The City of Ladysmith has received $250,000 in state grant funding it plans to use to support its Business Renovation Program.

On Monday, Governor Tony Evers and the Wisconsin Economic Development Corporation announced the distribution of nearly $3.2 million in Small Business Development Grants to 19 organizations across the state. The City of Ladysmith will receive $250,000 of that grant funding, the maximum possible funding award.

According to a press release, the city will use the grant funding to expand its Business Renovation Program. It will also use part of the funding to create a Down Payment/Rent Assistance Program.

In a statement with the press release, Governor Evers said “These investments we’re announcing today send a message that, here in Wisconsin, if you have a great business idea and the willingness to work hard to make it happen, our administration is here to support you and your good work.”

The Business Renovation Program provides grant funding to new and existing businesses in the city for permanent property improvements. The goal of the grant funding is to help those small businesses cover the high costs of infrastructure improvements that could better position them to be successful long term, benefiting both the business itself and the overall local economy.

The Down Payment/Rent Assitance Program will also seek to lower the startup costs of new businesses that could discourage potential entrepreneurs from pursuing their ideas. The program will provide either funding for downpayments or the first three months of rent for selected startup businesses.

Small Business Development Grant Awards range from $50,000 to $250,000. Among the 19 organizations and municipalities to receive funding through this round of grant awards, the City of Ladysmith is the only recipient in Western Wisconsin.