Budget panel allows WEDC to issue loans again

Budget panel allows WEDC to issue loans again

The Legislature’s budget committee has restored the state’s troubled jobs agency’s ability to issue business loans.

The current state budget repealed the Wisconsin Economic Development Corporation’s ability to originate new loans to businesses after June 30, 2017. Gov. Scott Walker’s 2017-19 budget allows WEDC to issue new loans but funded with money from repayments of other loans.

The Joint Finance Committee voted 12-4 on Tuesday to allow WEDC to start issuing loans again. The panel removed the requirement that the loans be funded solely through repayments of other loans, however.

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