WEDC: Walker's Extravagant Donor Charity
Another day, another scandal with Governor Scott Walker's Wisconsin Economic Development Corporation... maybe it should be called Walker's Extravagant ...
News Conference: Democratic Legislative Leaders Discuss WEDC
On May 18, 2015 Democratic Rep. Peter Barca and Sen. Julie Lassa responded to news reports documenting how former DOA Secretary Mike Huebsch lobbied ...
Subordination of WEDC’s loan to those of the primary lender may be required. Guarantor(s) WEDC will require personal or corporate guaranties for any owner, generally with ownership in the company equal to or more than 20%.
CONVERTIBLE NOTES: WEDC may require an ability to convert into an equity position as a condition of the loan, the option will allow WEDC to convert any portion of the outstanding loan balance, including principal and interest, to equity equivalent with the terms of the matching equity event.
WEDC works collaboratively with other agencies, corporations and nonprofit minority business associations to provide financial and operational assistance, resources and statewide networking opportunities to minority entrepreneurs and business owners.
WEDC’s direct assistance programs include the Qualified New Business Venture Program, the Technology Development Loan Program, the Seed Accelerator Program and the Capital Catalyst Program.
Barca said the hire is critical because WEDC has had problems tracking state loans and grants.
WEDC spokesman Mark Maley said the loan program would provide the agency with additional flexibility in its work with businesses and complement its grant, tax credit and other programs. “We look forward to reinvesting the repayments from existing loans in a way that will continue to help businesses throughout the state,” Maley said.
WEDC did reduce the amount of loans past due. $5.5 million in past due loans were decreased by a whopping $4.2 million in 2014. But the privatized corporation achieved this by amending 13 loan contracts to defer payments, writing off 9 loans entirely and forgiving 2 others.
WEDC Failed to Properly Track Loans. No One Had Been Put In Charge Of Tracking $69 Million In Department Of Commerce Loans When WEDC Was Created.
Recipients also would have to send a signed statement to WEDC attesting to the accuracy of the information they submit. WEDC's chief executive officer, Mark Hogan, told reporters Monday that the agency can't possibly verify information about the tens of thousands of employees that work for the 300 or so credit recipients.
The Women’s Enterprise Development Center (WEDC), a 501(c)(3) corporation, has been empowering women entrepreneurs to build successful small businesses since 1997 in Westchester County and the Hudson Valley. Our overarching goal is to build a vibrant community of women business owners, comprised of start-up and established companies.