City of Madison Supports Local Small Businesses with Crowdfunding Loans and Renovation Grants
During National Small Business Week, the City of Madison is showcasing its commitment to supporting local businesses through various programs and resources offered by the Office of Business Resources. One such initiative is Kiva, a crowdfunding platform that provides loans to small business owners and startups at 0% interest. This program allows new business owners access to up to $15,000 in crowd-funded loans.
The City of Madison also offers a match program for Kiva loans for businesses working with designated community partners. Qualifying businesses can receive an additional match loan of up to $7,500. Businesses that collaborate with organizations like the Madison Black Chamber of Commerce and the Wisconsin Women’s Business Initiative Corporation are eligible for the match.
JustVeggiez, a restaurant, catering, and vending services company based downtown, is one example of a Madison business that has benefited from the Kiva program. In 2023, they received a total of $11,000 in funding from Kiva. The City’s Kiva project is funded through the Small Business Equity and Recovery program in the City of Madison’s Operating Budget. More information about Kiva loans and the application process can be found on the Office of Business Resources’ website.
Another valuable resource for local businesses is the City of Madison’s Building Improvement Grant program. This program helps cover some of the capital costs associated with renovating the interior and exterior of retail spaces. By providing this support, businesses are able to stay in their current locations longer and establish roots in the community. JustVeggiez participated in this program and received $50,000 from the City to assist with renovation costs.
