St. Croix Valley Business Innovation Center to help businesses grow with micro-grants supported by WEDC
River Falls, Wis. –The St. Croix Valley Business Innovation Center (SCVBIC) in River Falls will use a $100,000 grant from the Wisconsin Economic Development Corporation (WEDC) to help area businesses grow. The funding is part of more than $1.6 million provided by WEDC to 14 Wisconsin organizations assisting entrepreneurs.
The SVCBIC will use the funds, along with a matching $100,000 from the SCVBIC Volunteer Committee, to provide micro-grants to support businesses in St. Croix, Pierce and Polk counties with critical growth expenses.
"Here at the Innovation Center, we work with a lot of businesses that would like to scale up but could really use an extra boost to help cover the costs,” said Sheri Marnell, SCVBIC director. “Our entrepreneurs must choose, ‘Do I pay a lawyer to review a contract or put that to marketing my business? Do I invest in accounting software or pay to have my website redesigned? Do I buy equipment to make me more efficient or buy more supplies for my product?’ These are real barriers. We're excited to have this opportunity to help our local businesses scale and continue to grow here.”
Wisconsin’s lead economic development agency is confident that the Entrepreneurship Partner Grants will drive meaningful impact across the state.
“Entrepreneurs play a vital role in driving Wisconsin’s economy forward,” said Missy Hughes, secretary and CEO of WEDC. “With the help of our partners, entrepreneurs will be able to bring new ideas and businesses to life.”
SCVBIC will provide micro-grants up to $9,000 to cover up to 90% of costs. Priority will go to graduates of SCVBIC’s incubation program, graduates of the Small Business Development Center’s Entrepreneur Training Program, Chippewa Valley Technical College Entrepreneur graduates and those who have completed technical training at UW-River Falls. Awardees must also complete a minimum of two entrepreneurship trainings from a variety of resources and commit to three years of impact reporting. Preference will be given to underserved populations, including rural, veteran and minority applicants.
The SVCBIC is a combined effort of UW-River Falls, Chippewa Valley Technical College, the River Falls Economic Development Corporation and the City of River Falls. Marnell says in the seven years since it opened, the center has proven it can help area businesses thrive and hopes the micro-grants encourages others to get connected with resources to support success.
“87% of our SVCBIC graduates are still in business versus the U.S. average of 50%,” Marnell said. “Entrepreneurs start out very passionate about their product or service but may be without much business experience. Connecting with these free or very low-cost local resources can really boost your chances of success.”
There will be two to three rounds of grant awards to give businesses who want to get connected with resources the time to do so in order to qualify for eligibility preference. Further rounds of applications will begin soon after the first round is completed, with grants awarded in the spring. To apply for a grant, visit stcroixinnovation.org.
The timeline for applications and awards is:
- First round applications due: October 12 by 11:59 p.m.
- Virtual calls with top candidates for questions and answers on applications and projects: October 20-November 6.
- Awardees notified: November 10.
- Public celebration to hear from awardees: November 12, 4-5:30 p.m., St. Croix Valley Business Innovation Center.
To learn more about resources available at the SVCBIC or how you can become eligible for this grant, contact Marnell at sheri.marnell@uwrf.edu or 715-425-4288 or visit stcroixinnovation.org.