City resources for small businesses: Commercial ownership assistance program
City resources for small businesses: Commercial ownership assistance program City of Madison, WI
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City of Madison’s Economic Development Division Supports Small Businesses
Introduction
As part of National Small Business Week, the City of Madison’s Economic Development Division is highlighting some of the programs and resources offered to local business owners through the Office of Business Resources.
The Commercial Ownership Assistance (COA) Program
The City of Madison’s Commercial Ownership Assistance (COA) program helps business owners expand by transitioning from rental spaces to owning their own commercial property. The program specifically focuses resources on communities that have historically faced barriers to accessing the capital needed to start or grow their businesses.
In order to support those businesses, the COA program provides forgivable loans of up to $250,000 to help business owners take the next steps toward owning or developing property for their business.
Emphasis on Sustainable Development Goals (SDGs)
- People of Color make up about 27% of the City of Madison’s population, but business ownership rates for People of Color are between 3% and 9%.
- The COA program prioritizes investments that support businesses located in under-invested geographic areas of the city.
- The program also focuses on supporting immigrant communities, women, disabled residents, and veterans.
Success Story: Smart Cleaning Solutions
Smart Cleaning Solutions, a certified minority-owned business by the City of Madison’s Department of Civil Rights that provides environmentally-sensitive cleaning services to residential and commercial clients, was one of the local businesses to participate in the COA program in the past year. They received $250,000 in 2023 to help build a new facility on Agriculture Drive.
Funding and Application Process
The COA program is funded by the Small Business Equity and Recovery (SBER) program in the City’s operating budget, as well as Tax Increment Districts 50, 51, 52, 53 and 54. The program has an annual budget of $500,000 and applications are not accepted once funds are exhausted.
Applications for the COA program are received on a quarterly basis and are due no later than Noon on the 3rd Friday of January, April, July, and October. To learn more about the COA program and how to apply, visit the Economic Development Division’s website.
Other Programs Supported by SBER
- Façade Grant Program
- Madison Pop Up Shop Program
- BusinessReady Program
- Kiva Madison
- Entrepreneurs of Color programs and initiatives
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | 1.4: By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance. | Indicator not mentioned in the article. |
| SDG 5: Gender Equality | 5.a: Undertake reforms to give women equal rights to economic resources, as well as access to ownership and control over land and other forms of property, financial services, inheritance, and natural resources, in accordance with national laws. | Indicator not mentioned in the article. |
| SDG 8: Decent Work and Economic Growth | 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalization and growth of micro-, small-, and medium-sized enterprises, including through access to financial services. | Indicator not mentioned in the article. |
| SDG 10: Reduced Inequalities | 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion, or economic or other status. | Indicator not mentioned in the article. |
| SDG 11: Sustainable Cities and Communities | 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums. | Indicator not mentioned in the article. |
| SDG 17: Partnerships for the Goals | 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships. | Indicator not mentioned in the article. |
Copyright: Dive into this article, curated with care by SDG Investors Inc. Our advanced AI technology searches through vast amounts of data to spotlight how we are all moving forward with the Sustainable Development Goals. While we own the rights to this content, we invite you to share it to help spread knowledge and spark action on the SDGs.
Fuente: cityofmadison.com
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