Uncategorized Archives - Janesville Innovation Center

County Launches Emergency Small Business Fund

Date: April 10, 2020

(Janesville, WI) – In response to the COVID-19 pandemic, the Rock County Board of Supervisors recently approved a $1 million dollar emergency loan program. This fund, known as the Rock County COVID-19 Emergency Small Business Loan Fund (SBLF), is designed to assist small businesses in Rock County that are experiencing financial difficulties which are directly attributed to the global COVID-19 pandemic. The maximum loan amount available to an eligible applicant will be capped at $20,000; and the proceeds from that loan will be weighted toward small businesses that are seeking bridge and/or long-term, permanent working capital financing to help stabilize, sustain, strengthen or restart their operations. The online SBLF application portal is tentatively scheduled to open on April 24, 2020.

“We recognize the economic hardships that our small businesses, particularly those with fewer than 20 employees, are experiencing and we wanted to help”, said J. Russell Podzilini, Rock County Board of Supervisors Chair. An appointed seven-member Loan Fund Committee, consisting of four Board of Supervisors and three members of the public, will be in charge of the SBLF. Meanwhile, the County’s Planning, Economic and Community Development Department will manage the fund’s day-to-day operations.

While the SBLF is open to all for-profit, private-sector businesses that are considered in good standing and not operating as home-based businesses, funding will be prioritized for service producing businesses – particularly those that are independent (i.e. non-franchise) and businesses that support the hospitality and business services sectors, respectively. These loans will be structured as low-interest, working capital loans with terms that have an ability to extend up to 60-months. These specific details, as well as final loan making decisions, will be determined by the Loan Fund Committee.
County Administrator Josh Smith noted, “Economic recovery efforts are fueled by public / private partnerships, and this emergency small business fund reinforces the County’s commitment to keeping those partnerships active and functional.”

“This is another tool that our team can deploy to facilitate, as well as accelerate, economic repositioning and revitalization efforts throughout the Janesville-Beloit MSA”, said James Otterstein, Rock County Economic Development Manager.

The SBLF will remain active until the funds are exhausted; and opportunities to leverage, solicit, receive and/or co-mingle non-County funding streams will be determined on a case-by-case basis. Additional SBLF information will be available online at this link in the coming weeks.

Press Release Contact: James Otterstein
608.757.5598 or james.otterstein@co.rock.wi.us

Janesville Innovation, Inc. Receives $40,000 State Grant to Support Rock County Entrepreneurship

February 14, 2019 – Janesville Innovation, Inc. (JII) has been awarded a $40,000 grant from the Wisconsin Economic Development Corporation (WEDC) to help fund the organization’s efforts to advance the climate for entrepreneurship and small business through the Rock County Entrepreneurial Business Development Program (RCEBD).

Janesville Innovation, Inc. is one of 9 Wisconsin organizations to receive a grant under WEDC’s 2019 Entrepreneurship Support program, which will build-upon the area’s ecosystem by providing customized, consultative services. Nearly $500,000 in matching grants were awarded statewide.

“WEDC congratulates Janesville Innovation, Inc. for being among the recipients of this grant, which enables organizations throughout the state to provide more resources to support their local entrepreneurial communities,” said Mark R. Hogan, Secretary and CEO of WEDC, the state’s lead economic development organization. “Through this program, we are supporting local and regional organizations that understand the unique needs of their communities and can provide key resources to foster a statewide culture that celebrates and encourages entrepreneurs to build successful businesses.”

According to James Otterstein, Rock County Economic Development Manager, the local network of economic development organizations and their partnering service providers have been experiencing a consistent flow of requests from emerging entrepreneurs, as well as existing small businesses.

“Over the past three years, we have leveraged the services of multiple organizations – such as the Janesville Innovation Center (JIC) and Irontek – and thanks to the support of the WEDC grant, we can continue to enhance RCEBD’s offerings,” said Otterstein.

Barry Brandt, Janesville Innovation, Inc. Board President stated that, “While we have a good pulse on the growing entrepreneurial and small business activity in Rock County, it’s difficult to provide the levels of required services with limited financial resources. With a solid foundation already in place, we look forward to leveraging this WEDC grant with local public/private funding to increase our collaborative efforts; sharpen our focus; and expand our services to a larger constituency base.” 

Other 2019 grant recipients include: BrightStar Wisconsin Foundation of Milwaukee; Oconto County Economic Development Corporation of Oconto; Green County Economic Development Corporation of Monroe; Couleecap Inc.of Westby; Indianhead Community Action Agency of Ladysmith; Concordia University of Mequon; UW Health Innovation Hub of Madison; and Western Dairyland Economic Opportunity Council Inc. of Eau Claire.

 

About Janesville Innovation, Inc.

Janesville Innovation Inc. (JII) is a regional, 501(c) (3) corporation that oversees the Janesville Innovation Center (JIC); and the extensive management, mentoring and business assistance services provided to JIC tenants. The purpose of JII is to provide entrepreneurial and small business development opportunities by offering a supportive infrastructure, education, training and mentorship environment. Additionally, JII facilitates the establishment of value-added relationships that encourage technological innovation, job generation and the continual repositioning of the area’s economy. For more information, visit http://www.janesvilleinnovation.com . 

About the Wisconsin Economic Development Corporation

The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing and maximizing opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive environment. Working with more than 600 regional and local partners, WEDC develops and delivers solutions representative of a highly responsive and coordinated economic development network.  Visit wedc.org or follow WEDC on Twitter @WEDCNews to learn more.

Startup Week Beloit

A river city once forged in heavy industrial manufacturing, Beloit is reinventing itself as an entrepreneurial hub for young professionals and high-growth startup companies. With a convenient location on the Wisconsin-Illinois border, beautiful renovations to a historic downtown, and multi-million dollar industrial redevelopments, the city is an attractive location with a thriving entrepreneurial ecosystem. Wisconsin Startup Week will provide opportunities for engagement with the startup community and the chance to learn from a variety of local success stories, all of whom are contributing to the revitalization of this innovative community.

Event Calendar

Monday, November 6th

5pm: Beloit Startup Week Kick-Off & Happy Hour, Irontek

Tuesday, November 7th

8:30am: Beloit Startup Launch Conference, Irontek
12pm: So you want to be a Franchise Entrepreneur?, Concordia University Wisconsin @ Irontek
1:30pm: Fostering Business Growth in Rock County, Janesville Innovation Center
5pm: gBETA Beloit Meet & Greet, gener8tor

Wednesday, November 8th

8am: Breakfast with the Big Cheese, Beloit Rising Professionals
12pm: OpenBETA Lunch & Learn, gener8tor
2pm: Technology Trends in Downtown Janesville, City of Janesville
2pm: Entrepreneur Trivia, Blackhawk Technical College

Thursday, November 9th

8am: Innovative Entrepreneurship Training in High School, Hononegah High School
10am: The Champion’s Code with Ross Berstein, Express Employment Professionals
11:30am: Innovative Entrepreneurs in Rock County, Rock County Entrepreneurial Business Development Program (RCEBD)
4pm: Morality & Markets with Dr. Ginny Choi, Beloit College

Friday, November 10th

3:30pm: Veterans in Entrepreneurship: WI Startup Week and Bunker Labs, Bunker Labs

https://wistartupweek.org/beloit

Janesville Innovation, Inc. Receives $66,000 State Grant to Support Rock County Entrepreneurship

Janesville Innovation, Inc. Receives $66,000 State Grant to Support Rock County Entrepreneurship

January 24, 2017 – Janesville Innovation, Inc. (JII) has been awarded a $66,000 grant from the Wisconsin Economic Development Corporation (WEDC) to help fund the organization’s efforts to advance the climate for entrepreneurship through the new Rock County Entrepreneurial Business Development Program (RCEBD).

Janesville Innovation, Inc. is one of 11 Wisconsin organizations to receive grants under WEDC’s new Entrepreneurship Support pilot program, which will help fund activities such as the promotion of entrepreneurship; entrepreneurial education, mentorship and training; and business development and financial services. Nearly $500,000 in matching grants were awarded statewide.

“WEDC congratulates Janesville Innovation, Inc. for being among the recipients for this new program,” said Mark Hogan, secretary and CEO of WEDC, the State’s lead economic development organization. The Rock County coalition developed an innovative proposal that has the potential to make a real difference when it comes to assisting entrepreneurs and startups throughout the County.”

The Rock County Entrepreneurial Business Development Program will serve the needs of Rock County start-ups and early-stage businesses by helping them assess their business concepts and plans, develop and diversify customer bases and markets, and provide links to financial assistance, mentoring and networking.

According to James Otterstein, Rock County Economic Development Manager, Rock County’s network of economic development organizations and their partnering service providers have been experiencing a consistent flow of requests from emerging entrepreneurs, as well as existing small businesses.

“Over the past three years, we have been able to assist a portion of these entrepreneurs and small businesses through the support offered from the Janesville Innovation Center (JIC). For non-JIC tenants, we have also provided similar types of support through the Rock County Development Alliance. In addition, the development of Irontek this past year represents another component to the area’s entrepreneurial ecosystem,” said Otterstein.

With the support of the WEDC grant, these offerings – as well as others – can now be folded into a coordinated County-wide network to provide a critical mass of technical support services for area entrepreneurs and small businesses.

Barry Brandt, Janesville Innovation, Inc. Board President stated that, “While we have a good pulse on the growing entrepreneurial and small business activity in Rock County, it’s difficult to provide the levels of required services with limited financial resources. With a solid foundation already in place, we look forward to leveraging this WEDC grant with local public/private funding to increase our collaborative efforts; sharpen our focus; and expand services to a much larger constituency base.”

“Janesville Innovation, Inc. is one of the many organizations across the state that already support the overall mission of identifying, educating, servicing and funding entrepreneurs,” added Aaron Hagar, Vice President of Entrepreneurship and Innovation for WEDC. “We look forward to seeing how the Rock County Entrepreneurial Business Development Program utilizes the grant to further increase the availability of resources for Rock County entrepreneurs.”

While WEDC has a variety of programs to support the formation, development, growth and financing of technology-based and growth-oriented startup and early-stage businesses, the new initiative provides funding to organizations and communities whose efforts may not meet the eligibility criteria for existing programs.

The Entrepreneurship Support pilot program is the latest addition to WEDC’s suite of entrepreneurship resources, which includes support for startup accelerators, seed capital funds, investment tax credits and technology development loans. In addition, WEDC supports and engages an existing statewide network of partners that offers business training, mentorship and financing to aspiring entrepreneurs.

Other grant recipients include: Center for Enterprise Development Inc., Fond du Lac; Couleecap Inc., La Crosse; Indianhead Community Action Agency, Ladysmith; Milwaukee 7, Milwaukee; Nicolet Area Technical College, Rhinelander; UW-Madison Law & Entrepreneurship Clinic, Madison; UW-Stout Center for Innovation and Development, Menomonie; Wisconsin Alumni Research Foundation, Madison; and UWM Research Foundation, Milwaukee.

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About Janesville Innovation, Inc.

Janesville Innovation Inc. (JII) is a regional 501(c) (3) corporation created in January, 2013. JII’s 15 member Board of Directors oversees the Janesville Innovation Center (JIC) and the extensive management, mentoring and business assistance services provided to JIC tenants. The purpose of JII is to provide opportunities to Rock County entrepreneurs to be nurtured through their formative years. The Corporation provides a supportive environment, including infrastructure, education, training, mentorship and a network of service providers that will assist entrepreneurs to achieve success by encouraging technological innovation, setting the stage for future growth, job generation, creation of an expanded tax base and revitalization of the local and regional economy. Visit janesvilleinnovation.com for additional information.

About the Wisconsin Economic Development Corporation

The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing and maximizing opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive environment. Working with more than 600 regional and local partners, WEDC develops and delivers solutions representative of a highly responsive and coordinated economic development network. Visit www.inwisconsin.com or follow WEDC on Twitter @InWisconsin to learn more.

 

WEDC awards 11 grants to support entrepreneurship programs across Wisconsin

WEDC awards 11 grants to support entrepreneurship programs across Wisconsin Nearly $500,000 in grants to help local, regional initiatives for startups

MADISON, WI. Jan. 24, 2017 – The Wisconsin Economic Development Corporation (WEDC) today announced that 11 organizations have been awarded nearly $500,000 in grants to help develop or expand innovative programs aimed at advancing the climate for entrepreneurship throughout the state.

The grants are being awarded as part of WEDC’s new Entrepreneurship Support pilot program and will help fund activities such as the promotion of entrepreneurship; entrepreneurial education, mentorship and training; and business development and financial services.

“Much of the economic growth the state has experienced over the last six years is a result of the efforts of the state’s entrepreneurs as they develop innovative products and services to meet the changing demands of their customers,” said Lt. Gov. Rebecca Kleefisch, who joined WEDC Secretary and CEO Mark Hogan in announcing the grants on Tuesday. “These grants will enable organizations throughout the state to provide more resources to support their local entrepreneurial community.”

“Economic development is most effective when it is driven from a local or regional level,” Hogan said. “Through this program, we are supporting local and regional organizations that understand the unique needs of their communities and have developed innovative strategies to respond to those needs.”

The grant recipients are:

  • Center for Enterprise Development Inc., Fond du Lac, ($40,000) will create a milestone-based certification and grant program for Fond du Lac County entrepreneurs completing key business development steps.
  • Couleecap Inc., La Crosse, ($53,676) will provide a nine-week entrepreneurial development course for startups in La Crosse and Viroqua, support Viroqua Chamber Main Street’s “Pop Up Shop” program, and train additional course facilitators to expand the capacity for entrepreneurship support in the region.
  • Indianhead Community Action Agency, Ladysmith, ($43,646) will provide technical assistance and small loans to clients in two additional counties, and will expand its Small Business Academy for entrepreneurs.
  • Janesville Innovation Inc., Janesville, ($66,062) will develop a collaborative and coordinated coalition to serve entrepreneurs and accelerate business growth in Rock County.
  • Milwaukee 7, Milwaukee, ($60,000) will support the efforts of numerous project collaborators representing entrepreneurs, support organizations and academia to establish a strategic and entrepreneurial development initiative for the Milwaukee region.
  • Nicolet Area Technical College, Rhinelander, ($27,000) will expand entrepreneurial training, mentorship and support in six northern Wisconsin counties.
  • Oconto County Economic Development Corporation, Oconto, ($25,000) will implement elements of an entrepreneurship support strategy that includes a mentor network and ongoing coaching.
  • UW-Madison Law & Entrepreneurship Clinic, Madison, ($75,000) will increase the level and breadth of its no-cost services provided to entrepreneurs statewide, particularly in the emerging food and beverage sector.
  • UW-Stout Center for Innovation and Development, Menomonie, ($60,000) will fund a statewide program that provides inventors with an opportunity to have their ideas evaluated for feasibility and market potential.
  • Wisconsin Alumni Research Foundation, Madison, ($15,000) will expand its UpStart program for minority and women’s entrepreneurship.
  • UWM Research Foundation, Milwaukee, ($33,000) will pilot an “I-Corps for Health” program to develop and support innovative health care ventures in Wisconsin.

While WEDC has a variety of programs to support the formation, development, growth and financing of technology-based and growth-oriented startup and early-stage businesses, the new initiative provides funding to organizations and communities whose efforts may not meet the eligibility criteria for existing programs.

WEDC received 32 applications for the program, which provides matching grants to nonprofit organizations and communities.

The program is the latest addition to WEDC’s suite of entrepreneurship resources, which includes support for startup accelerators, seed capital funds, investment tax credits and technology development loans. In addition, WEDC supports and engages an existing statewide network of partners that offers business training, mentorship and financing to aspiring entrepreneurs.

The grant announcement is one of many initiatives planned and executed by WEDC and its statewide economic development partners to promote Wisconsin’s business, career and lifestyle opportunities. One example is the recent launch of Think-Make-Happen In Wisconsin, which provides communities, companies, organizations and educators with a unified voice to celebrate Wisconsin’s legacy of ingenuity and success.

 

“Creating and expanding opportunities for entrepreneurs in Wisconsin will help us in our efforts to attract and retain top talent in Wisconsin,” Hogan said. “These grants reinforce the message that the state truly embraces innovation and the entrepreneurial spirit.”

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 About the Wisconsin Economic Development Corporation The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing and maximizing opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive environment. Working with more than 600 regional and local partners, WEDC develops and delivers solutions representative of a highly responsive and coordinated economic development network. Visit www.inwisconsin.com or follow WEDC on Twitter @_InWisconsin to learn more.

Janesville hopes to keep businesses local as Innovation Center expands

MADISON, Wis. (WMTV) —- Since opening in 2013, the Janesville Innovation Center has been successfully helping businesses grow and is now large enough to operate without city support.

The business incubator provides office, storage and manufacturing spaces at low rent costs, allowing small local businesses to get off the ground, Gale Price, Janesville economic development director, said. The center was able to provide low-cost space due to city support, but now has enough tenants to sustain itself independently.

“It really illustrates the entrepreneurship spirit we have here in Rock County, and we believe there is more to come that will continue to fill the space,” Price said.

Brian Garcia, co-founder of Copper Fire Tees, said working out of the Innovation Center has provided him with the space he needed to expand his business without spending a large amount on rent.

He said Copper Fire Tees has nearly double its profits from last year, and he now plans to make the T-shirt business his full-time job and to keep his growing business in Janesville.

“With their forward thinking of, ‘we’re going to give the little guys a place to start out, spread their wings,’ we’re not going anywhere,” Garcia said.

Price said the center hopes to see some of the businesses in the center expand to the point they have to find larger spaces and that they will continue to bring growth to Janesville.

With the success of the center, the city is looking to partner with a private developer to create another Innovation Center with even larger spaces, Price said.

Click on this link to watch the video story: http://www.nbc15.com/content/news/Janesvilles-Innovation-Center-Looks-to-Expand-396574771.html

Janesville Innovation Center seeks to solve space crunch

JANESVILLE—After three years of development, John Goepfert says his homegrown personal-care product company, Simply Solutions, is on the cusp of going national.

Goepfert said Simply Solutions has distribution deals unfolding with at least one national grocery store conglomerate. The deals would land the company’s patented line of all-natural LipLoob lip balm and other personal lubricants on the shelves of thousands of chain retail stores across the country.

But at home in Janesville, Goepfert faces a dilemma that could soon come to a boil. With Simply Solutions’ products on pace for major market demand, the company could need to scale up production and distribution in short order.

For that, it needs more space than the 8,000 square feet it now occupies at the Janesville Innovation Center.

More space, but where?

Local economic development experts say there is a slim supply of available small-scale industrial space in Janesville—specifically facilities that are outfitted for growing industries that need 5,000 to 25,000 square feet of production and office space.

Mike Mathews, the Innovation Center’s operations director, said his six tenants have grown to occupy 70 percent of office and manufacturing space at the 22,000-square-foot business incubator at 2949 Innovation Drive.

Meanwhile, Mathews said, the center has commitments from new industries that would sew up another 25 percent of space within a few months.

Mathews said it’s feasible that by the end of the year, the center will be “fully leased” for the first time since it opened in January 2013.

The Innovation Center is intended to operate as a temporary, flexible office and manufacturing space—along with business consulting support—to foster startup companies through the early phases of their businesses.

Amid a tight supply for small industrial properties, the Innovation Center’s board of directors is considering options for industrial space that would help the center’s fledgling companies move out of the center but continue to grow.

Mathews and Gale Price, Janesville’s economic development director and a member of the Innovation Center’s board, confirmed one option the board is discussing: building a new facility that would serve as a post-incubator for growing companies.

It could operate as a brood house of sorts that would provide smaller industrial spaces of 8,000 to 15,000 square feet for companies ready to graduate out of the incubator and expand.

Mathews said the board’s conversations are “preliminary,” but the board could approach the city council as early as October with plans for more space for maturing companies.

“We’re still in an exploration stage. We’re gathering our facts to get a better understanding of what our tenants’ needs look like going forward and the best way to assist in the growth of these companies within Janesville,” Mathews said.

Mathews said not all of the incubator’s current tenants are on the same pace and timetable to graduate out of the center, but it’s clear that some are on trajectories that would outpace the available space.

Price said based on preliminary discussions of demand, the board thinks it might need about 40,000 to 50,000 square feet of extra space to “graduate” maturing businesses out of the Innovation Center. That would open up space for new businesses seeking to enter the center.

Price said it’s too early to say how a development for incubator graduates could be funded or who would own and operate it. But he said the market gap in Janesville for smaller industrial facilities does exist, despite the fact that the Janesville area has seen at least 1 million square feet of industrial space built over the last year.

Much of that space has been built on speculation, but it’s been marketed and leased to large industries that use 50,000 square feet or more.

“Talking to local commercial real estate people, there is that gap in (industrial facilities) that are 5,000 to 25,000 square feet here, but it’s tricky,” Price said. “Most developers prefer not to divide to less than 25,000 square feet, so I don’t know if the (private) market will immediately address this gap.”

Price said a new facility for Innovation Center graduates likely would be presented as a public-private project. He suggested that if the city had a role, it might be through tax incentives to entice a private developer to build a facility that could hold smaller-than-average industrial spaces.

Goepfert, who has leased space for three years at the Innovation Center, said he’s poised to grow from about a dozen employees to as many as 20 to 25. He said that growth could happen overnight if a few sets of national grocery and pharmaceutical retailers he’s working with agree to place his products on their shelves permanently.

Goepfert believes his company’s competitive advantage lies in the products’ all-natural ingredients, as well as the federal Food and Drug Administration approval his products now have. He said many larger competitors do not have that designation even though they offer similar products.

FDA approval cost Simply Solutions $350,000, Goepfert said. In order to keep the FDA designation, the company has to work in approved, clean space and use processes that meet federal guidelines.

That cuts down on already slim options for space to expand locally. And if space were available, Goepfert said, it would come at a premium at a time when his business is financially burdened by early development costs.

“It would take a developer that would want to develop space that fits the needs of local, small companies like ours with brands that are ready to grow—but they’re going to have to carve up the space they have smaller than usual. And what? Charge less rent for it?” Goepfert said.

“Yeah, that’s risk. And even as I say it, it sounds like it’s asking a lot.”

http://www.gazettextra.com/20160821/janesville_innovation_center_seeks_to_solve_space_crunch

City to stop subsidizing Janesville Innovation Center

JANESVILLE—The 4-year-old Janesville Innovation Center is outgrowing its need for a city subsidy, and its success has led to plans to create a second center.

Tax increment financing District 22 has helped fund the Janesville Innovation Center since it was created in January 2013. The city has poured an estimated $1 million into the center, about $200,000 of which has been for operations, said Gale Price, city economic development director and Innovation Center board member.

TIF district money for operational expenses have been diminishing each year. In its first year, the center got $100,000 in local money for operations, but it received only $20,000 this year, Price and city council President Sam Liebert said.

The plan has always been to annually reduce subsidies and eventually end them, they said.

That’s OK because the Innovation Center has been one of the more successful business incubators in Wisconsin, Price said.

“Things are falling into place. That’s the best part,” he said.

It’s expected the Innovation Center will reach capacity next year, which gives it the ability to operate without TIF district funds, Liebert said.

“We’re now generating rental income that covers our operating costs,” said Mike Mathews, center director.

The center is growing enough that the city is considering partnering with a private developer to create a second Janesville Innovation Center, or JIC2, nearby.

The second center would include bigger spaces to accommodate graduates of the existing center who want more room to operate their businesses. The second center would be close to the original center so tenants could still enjoy the services it provides, such as business consultation, Price said.

It could also include space for new businesses that aren’t part of the Innovation Center, Mathews said.

“We think it could be a real benefit to a development because they can operate a building, and we have tenants we can feed into the developer,” Price said.

The last thing the city wants is for Innovation Center businesses to outgrow the area.

“We want to keep them in Janesville,” Price said.

The center will give the city council an update on its status and plans at the council’s Monday meeting.

Though unlikely, it’s possible the council would want to continue funding the Innovation Center.

That would create problems because TIF District 22 is running out of money. Continuing to subsidize the center would likely require pulling money from the city’s general fund. In a year the city is facing a nearly $1 million shortfall, that would not be good, Liebert said.

The center’s success so far is evidence of the economy’s recovery. Innovation Center officials will give the council another update next year to show how it’s doing without local subsidies, Liebert said.

“We’re getting to the kind of … growth we were hoping we’d be able to accomplish through the Innovation Center and its programs,” Mathews said.

http://www.gazettextra.com/20161008/city_to_stop_subsidizing_janesville_innovation_center

JIC Announces Tenant Loan Fund

As the result of a grant received by the Janesville Innovation Center (JIC) from the George Parker Foundation, the JIC has established a Tenant Loan Fund. The purpose of the JIC Tenant Loan Fund is to provide working capital to JIC tenants for projects and investments that accelerate revenue growth, increase profitability and/or enhance the ability to secure additional capital. Loan amounts will range from $250 – $750 per project, with corresponding terms that are event or milestone based.

Eligible JIC Tenant projects include targeted investments that are focused on meeting any of the following goals:

Accelerate Revenue Growth – Projects may include contracted products or services that define target markets, identify potential customers/distribution channels and/or other sales growth initiatives. Tenants may also apply funds to projects that involve beta testing for their products and/or services with participating, prequalified clients.

Improve Profitability – Projects may include contracted products or services that better define and enhance accounting systems, reporting, and/or operating efficiencies.

Secure Additional Sources of Growth Capital – Tenants may apply for funding that enhances a company’s ability to secure additional capital from other debt and/or equity funding sources. Projects may include taking steps and related positioning activities to meet lending or investment requirements of debt and/or equity sources.

For additional information about the JIC Tenant Loan Fund and related business assistance programs offered by the JIC, please contact Mike Mathews (JIC Operations Manager) at 608.206.7121.