Leon D. Young
Talk to any politicians these days and invariably the hot-button issues of economic development and job creation become part of the discussion. It’s no secret that the nation’s economic recovery has been extremely slow and exacerbated by stagnant high unemployment.
According to U.S. Bureau of Labor Statistics, the national unemployment rate was 9.1 percent (through May 2011). Unfortunately, like too many things in this country, the number of people without jobs in the Black community is far greater than the 16.2 percent that has been projected. To illustrate the point, Milwaukee ’s Black unemployment figures are bordering on epidemic proportions.
In January 2005, the Wisconsin Housing and Economic Development Authority (WHEDA) started the Emerging Business Program (“EBP”) to encourage the involvement, utilization, and development of emerging businesses. The program currently operates in 15 counties statewide and is linked to the award of Lowincome Housing Tax Credits.
WHEDA’s Emerging Business Program was intended to support former Governor Jim Doyle’s goal of creating 250,000 jobs, where 88,000 had to come from the Milwaukee area. Moreover, it is believed that this program can help to create minority employment in markets with over 50 percent male unemployment. Over the past decade, WHEDA has invested $887 million in Milwaukee ’s (4th Congressional District) by providing housing and economic development tools, i.e. loans, tax credits, grants and guarantees.
Now there is movement under foot to terminate WHEDA’s vital Emerging Business Program. This makes no sense at a time when the unemployment rate for minorities is so high in this state.
The continuation of the Emerging Business Enterprise program is an absolute necessity and is vital for the full economic recovery of the Badger State.