Each entity is putting in $200,000 towards a fund to help those businesses develop new technologies. WEDC also gave the Racine County Economic Development Corporation — through its Capital Catalyst Program — $100,000 to administer the program.
“The long-term vitality of a community relies on the creation and growth of new businesses that provide both valuable products and high-quality job opportunities to the region,” said WEDC Secretary and CEO Mark Hogan. “WEDC is pleased to support Racine’s efforts in this mission, and I applaud community leaders for their commitment in bringing this exciting project to reality for area entrepreneurs.”
The new fund looks to support high-tech businesses that are in the earliest stages because capital infusions are key to growth.
“Racine’s legacy companies such as Horlick Malted Milk, SC Johnson, J.I. Case Company and others started with an idea and the drive to take their idea and make a business out of it,” said Racine Mayor John Dickert.
To learn more, check out the WEDC’s Capital Catalyst Program page.