August 26, 2026

By Sarah Rajan

Growing a business takes more than a good idea. It takes long hours, hard decisions, and often a willingness to keep moving forward before the path is fully clear.

Wisconsin business owners know that well. Across the state, entrepreneurs are building companies, creating jobs, and investing in their communities. But when it comes time for hiring, adding equipment, expanding a facility, or pursuing a new opportunity, access to the right capital can be one of the biggest challenges.

That is where the Wisconsin New Markets Development Act can help.

The program is designed to bring more private investment to qualifying businesses in communities across Wisconsin, giving growth-ready companies another avenue to access the financing they need to move forward.

Key Takeaways

  • The Wisconsin New Markets Development Act directs new private investment toward qualifying businesses in eligible Wisconsin communities.
  • Advantage Capital is seeking growth-ready companies with primary operations in Wisconsin and financing needs of up to $10 million.
  • Capital can support working capital, expansion and hiring, equipment purchases, acquisitions, ownership transitions, and other business needs.
  • Investments are focused on businesses operating in qualifying low-income census tracts, with a significant share of program capital directed outside Wisconsin’s largest metropolitan areas.
  • Investments can range from senior secured debt to minority equity, and anywhere in between.

What Is the Wisconsin New Markets Development Act?

The Wisconsin New Markets Development Act established a state Community Development Entity (CDE) investment credit modeled after the federal New Markets Tax Credit program. The state authorized $250 million in qualified equity investment authority to support investment in qualified businesses operating in low-income communities. Half of that authority is designated for counties in the Milwaukee and Madison areas, while the other half is designated for the rest of Wisconsin.

The program works through qualified CDEs, which raise private capital and deploy it through loans or equity investments in eligible Wisconsin businesses. The Wisconsin Department of Revenue administers the credit program.

For business owners, the result is another potential source of flexible growth capital designed to reach companies and communities that have historically had less access to private capital.

Which Wisconsin Businesses May Qualify?

Advantage Capital is currently seeking debt and equity investment opportunities in qualifying Wisconsin companies at stages ranging from early growth to mature operations.

Our current investment criteria include:

  • Up to $10 million in financing
  • Primary operations in Wisconsin
  • Location in an eligible low-income census tract
  • A demonstrated need for growth or transition capital

The program itself is not limited to a specific industry. Advantage Capital is especially focused on businesses in sectors such as manufacturing, healthcare, distribution and logistics, and business services.

Eligibility ultimately depends on program requirements and the individual business, so companies interested in financing should speak with our team to determine whether they may qualify.

How Can Businesses Use the Capital?

Growth rarely follows a single path, and a company’s financing needs can change as it develops. Capital provided through Advantage Capital may support a range of business needs, including:

  • Working capital
  • Expansion and hiring
  • Equipment financing
  • Ownership transitions
  • Buyouts and acquisitions
  • Debt refinancing

Our goal is to structure financing around the needs of the business rather than rely on a one-size-fits-all approach.

What Is Advantage Capital’s Role?

For more than three decades, Advantage Capital has focused on bringing investment to businesses and communities that have historically had limited access to capital.

Through the Wisconsin New Markets Development Act, we are bringing that experience to growth-ready companies across Wisconsin. Our team works directly with business owners and management teams to understand their objectives, financing needs, and growth plans and determine whether an Advantage Capital investment may be a fit.

Advantage Capital and its partners have invested more than $4 billion in businesses nationwide, supporting companies seeking capital to expand operations, add employees, invest in equipment, complete acquisitions, and prepare for their next stage of growth.

Why Does This Program Matter for Wisconsin Communities?

When a local business expands, the effects can extend well beyond the company itself.

Growing businesses create jobs, purchase goods and services from other companies, strengthen local supply chains, and provide economic anchors for their communities. Access to flexible capital can help those businesses pursue opportunities that might otherwise remain out of reach.

The Wisconsin New Markets Development Act is designed to direct investment toward qualifying communities across the state while ensuring substantial capital reaches areas outside Wisconsin’s largest metropolitan centers. Advantage Capital expects approximately two-thirds of its Wisconsin-focused fund to be invested in eligible non-metro census tracts outside the Milwaukee and Madison metropolitan areas.

That focus creates an opportunity to pair business growth with quality job creation and long-term local economic growth.

Is Your Wisconsin Business Ready to Grow?

If your company has primary operations in Wisconsin and needs flexible capital to support its next stage of growth, we would like to hear from you.

Contact our Wisconsin team here to explore whether your company could be a fit for financing through the Wisconsin New Markets Development Act.

Frequently Asked Questions

How much financing is available to an individual business?

Advantage Capital is currently seeking qualifying Wisconsin businesses in need of up to $10 million in financing.

Does my business need to be in a rural area?

No. Eligible investments can be made in qualifying low-income census tracts across Wisconsin. The state program divides its investment authority between the Milwaukee and Madison areas and the remainder of the state.

What types of financing does Advantage Capital offer?

Financing options may include senior or senior-stretch debt, subordinated or mezzanine debt, and minority equity.

What can the financing be used for?

Depending on the company and transaction, capital may support working capital, hiring and expansion, equipment purchases, ownership transitions, acquisitions, and debt refinancing.

How do I know whether my location qualifies?

Eligibility is tied in part to federally designated low-income census tracts. Advantage Capital’s team can review a company’s location and other criteria to help determine whether it may qualify.