FaB Wisconsin receives grant to launch accelerator for small businesses

The Food and Beverage Wisconsin consortium has received a $115,000 grant from the Wisconsin Economic Development Corp. to mentor 10 small businesses ready to increase production and expand sales in food and beverage markets.

FaBcap, described as a food finance accelerator program, will provide participants with tutoring from a certified financial coach, advice on business models and available financing, and an assessment of current financial practices. If they complete the year-long program, the businesses will receive $10,000 grants, which could be used to leverage additional capital for business expansion. 

The Food Finance Institute at the University of Wisconsin Extension will collaborate with FaB Wisconsin of Milwaukee to provide the business coaching.”We’ve learned that food businesses make money, and don’t in predictable ways,” said Tera Johnson, founding director of the Food Finance Institute. “Those that succeed use the right kind of financing at the right time, as their business evolves.”

Applications for FaBcap will be accepted in late June. The 10 participants will be selected in July and start in August.

Tom Held, Milwaukee Business Journal

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