Before the COVID-19 pandemic started, the Wisconsin Economic Development Corporation generally focused on larger projects aimed at building up the state\u2019s economy, which is to say, the quasi-public agency made about 300 grants a year.<\/p>\n
But with the impact the coronavirus had on economic life in Wisconsin, \u201cwe had to invent a bunch of tools to help businesses,\u201d Missy Hughes, the secretary and CEO of WEDC, said during an \u201cOn the Issues with Mike Gousha\u201d program posted on Marquette Law School\u2019s web site on Wednesday (March 18, 2021).<\/p>\n
The result? WEDC has made more than 60,000 grants during the pandemic period, the large number of them to small businesses seeking federal money intended to help those businesses stay alive.<\/p>\n
As much as the grants have helped\u00a0 and as much as business owners and operators have shown grit, resiliency and creativity in what they are doing, Hughes told Gousha, the Law School\u2019s distinguished fellow in law and public policy, that she was concerned that 20 percent to 30 percent of small businesses statewide would not survive the pandemic. <\/p>\n
Hughes\u2019 assessment of the state\u2019s manufacturing businesses was more positive. \u201cThe manufacturing sector has largely survived this pandemic,\u201d she said. \u201cOur manufacturers have by and large done pretty well.\u201d<\/p>\n
Hughes said there are new opportunities arising for Wisconsin\u2019s economy, but she listed areas that need attention. Included on the list: Expansion of broadband service to rural parts of the state (\u201cit\u2019s a very fixable problem\u201d) and improving the situation in the Milwaukee area when it comes to racial disparities.<\/p>\n
She said WEDC is working to make venture capital more available in Wisconsin. She also said Wisconsin as a whole needs to be more inclusive if it wants to attract people. \u201cYoung people want to come to an inclusive environment,\u201d she said. \u201cThey want to come to a diverse environment.\u201d She added, \u201cEvery moment we are not inclusive, we are turning somebody away.\u201d<\/p>\n
In response to Gousha\u2019s question about the future of the Foxconn manufacturing site in Racine County, Hughes said, \u201cI am very optimistic that we are going to find a path forward.\u201d What about the possibility that has been raised of Foxconn building electric vehicles there? She responded with no details, but said Wisconsin \u201chas the opportunity to be right in the middle of this new energy economy.\u201d<\/p>\n
Overall, she said, it is a good time for Wisconsin business leaders \u2013 and WEDC itself \u2013 to be asking, \u201cWhat can we be building that is part of the new economy?\u201d<\/p>\n