85.25 Disadvantaged business mobilization assistance program.
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/wi/chapter-85/85-25-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
85.25 Disadvantaged business mobilization assistance program.
(1)Findings and purpose. The legislature finds that the lack of working capital is a major barrier to the participation of certain businesses in construction contracts with the department. This problem is most acute for newer, less experienced businesses, and, in particular, for disadvantaged businesses, many of which lack the assets necessary to obtain financing under normal business lending standards. The disadvantaged business mobilization assistance program is created to assist disadvantaged businesses in obtaining working capital in order to participate in construction contracts with the department and to increase the representation of disadvantaged businesses among contractors performing on construction projects for the department.
(2)Definitions. In this section:
(a)“Business development organization” means the Wisconsin Housing and Economic Development Authority under s. 234.02 or any private organization that prepares business and loan plans for and provides other financial, management, and technical assistance to disadvantaged businesses.