Welcome New Members — July & August 2013

The Greater Madison Chamber of Commerce welcomes these new members. Please keep these companies in mind when doing business. View the complete directory listing of all Chamber members.

• AVID Risk Solutions, Inc
• Bio-Nutrition Intl, Inc
• Capital Connections Group
• Exact Sciences Corporation
• Hy-Vee, Inc.
• KARING Hypnosis and Massage
• Kleen Geeks Inc
• Mid America Bank
• Midwest Dental — Corporate Offices
• Minuteman Press
• MoveIn, Inc.
• Old Chicago
• Perkins Restaurant and Bakery – Eastside
• Phoenix Consulting, Inc.
• Relles, Milliken & Scheffer, LLP – Attorney Megan Phillips
• Sarah B.
• Savers Elite
• SYSDYNETICS LLC
• The Edgewater Hotel
• U-Haul Moving & Storage of Verona Road
• Uniforms Direct, LLC
• UROn Concept Salon
• Vision Graphix Group Inc
• WISConnect, LLC dba Sports Image

Governor Signs Venture Capital Bill

MILWAUKEE – Last Week, Governor Walker signed Act 41, providing much-needed investment capital support for early-stage Wisconsin companies.

Act 41 makes the state a partner in a larger “fund of funds” that matches the state’s $25 million investment, set aside in the 2013-15 state budget, with at least $50 million in private investment.

Chamber President Zach Brandon praised the bipartisan effort, saying it will make Wisconsin more competitive at fostering entrepreneurial activity and converting new ideas into sustainable businesses and jobs. With this more competitive venture capital program in place, Wisconsin is well-positioned to help companies start, stay, and grow.

Federal Economic Injury Loans Available for Small Businesses

A new loan program is available for small businesses that suffered substantial financial losses as a direct result of excessive rain and snow, and multiple periods of thawing and refreezing this year.

The U.S. Small Business Administration will facilitate the program, which provides loan amounts up to $2 million with interest rates of 2.875% for private non-profit organizations and 4% for small businesses, with terms up to 30 years.

Learn more about the program requirements and apply online here.

Local Fighter Wing Receives Overwhelming Response from Business Community

MADISON – The men and women of the 115th Fighter Wing will host the Greater Madison Chamber of Commerce Big Night Out. The interactive event with local business leaders is July 18, from 4:30 – 6:30 p.m. at Truax Field.

“The backbone of the Air National Guard is citizen Airmen who work in area businesses in addition to serving in uniform,” said Col. Jeff Wiegand, Commander 115th FW. “The continued support of the business community for these citizen Airmen both at home and abroad ensures our success.”

The event will allow attendees to view displays of an F-16 Fighting Falcon, inert munitions, the Truax Fire Department, security forces, a mobile medical unit, and an explosive ordnance disposal unit with a bomb defusing robot.

“The local annual impact of the 115th FW is more than $86 million employing nearly 1200 Airmen from Madison and the surrounding areas,” said Zach Brandon, president of the Greater Madison Chamber of Commerce. “Thursday’s event has had an overwhelming response and will be one of the largest business events of the summer. This is a tremendous show of support and recognition for the Fighter Wing and their contributions to our community, region and country.”

A brief program will begin at 5:30 p.m.

About the Greater Madison Chamber of Commerce:
The Greater Madison Chamber of Commerce is the voice of business with nearly 1,400 organizations – ranging from one-person shops to corporations with more than 6,000 employees – working to bring the Greater Madison area to its full potential. The Greater Madison region is a leader in innovation. From cutting-edge technologies to distinctive retail shops to inventive services and products, Madison businesses vary greatly but are united by the region’s entrepreneurial spirit. More information can be found at www.greatermadisonchamber.com.

Contact: Jo-ell Carson, Communications Director, at 608-443-1952 or 608-213-1799

Click here for an electronic copy of this release

Business and Labor Agree on Madison TIF Reform

Unified in support of needed reform to Madison’s Tax Incremental Finance (TIF) policy, the Greater Madison Chamber and the Building and Construction Trades of South-Central Wisconsin issued a joint letter to Mayor Soglin and Madison Alders supporting policy revisions which will grow the city’s property tax base.

Although the existing TIF policy has successfully increased value throughout the city, research also shows that Madison’s created value is lower relative to its tax base compared to neighboring municipalities. Further, Madison’s relative use of TIF has declined, yielding conservative investments within the city at a time when ambitions to redevelop areas of Madison are high. Increased flexibilities within the proposed policy include removing the equity participation payment for profitable projects and modifying the conservative assumptions used to evaluate projects, including the “50% rule” that prohibits more than 50% of the new tax increment generated from being available to the project as gap financing. Further, the policy’s amended “but for” standard, which states that but for city assistance, the project would not otherwise occur, allows for additional competitive factors to be considered for employment-oriented projects.

The EDC’s proposed policy represents a balance of effective and competitive TIF usage, while also providing public protections and discussion to ensure that taxpayer dollars are used prudently and strategically.

Madison’s TIF Policy Review Ad Hoc Committee next meets on August 1 to compare the existing policy and proposed changes and determine their next steps.