During National Small Business Week, the City of Madison’s Economic Development Division is highlighting the resources available to local business owners through the Office of Business Resources. One of the featured programs is the Commercial Ownership Assistance (COA) program, which helps business owners transition from rental spaces to owning their commercial property. This program focuses on communities that have historically faced barriers to accessing capital to start or grow their businesses, such as People of Color, immigrants, women, disabled residents, and veterans. The goal is to support businesses in under-invested areas of the city by providing forgivable loans of up to $250,000 to help them take the next steps towards property ownership. Funds for the COA program come from the Small Business Equity and Recovery (SBER) program in the city’s operating budget, as well as Tax Increment Districts 50-54.
One success story from the COA program is Smart Cleaning Solutions, a certified minority-owned business in Madison that offers environmentally-friendly cleaning services. Smart Cleaning Solutions received $250,000 from the COA program in 2023 to build a new facility on Agriculture Drive. The COA program accepts applications on a quarterly basis