State Assembly to Take up Venture Capital Bill

By: Associated Press Email
By: Associated Press Email

MADISON, Wis. (AP) -- The Assembly is scheduled to take up a bill on Thursday that would invest state and private money in Wisconsin startups.

The original legislation from Republican Rep. Mike Kuglitsch would have had the Wisconsin Economic Development Corp. oversee a program that invests $25 million in state money and at least $50 million in private money in young companies. It has since been amended to have the Department of Administration oversee the program.

The change came weeks after a state audit found WEDC didn't follow state law or adequately track loans it awarded.

Kuglitsch says the bill will give the state's entrepreneurs some stability. But some Democrats say a one-time investment isn't enough to guarantee a long-term return.

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