The City of Madison’s Economic Development Division is highlighting the various programs and resources available to local business owners during National Small Business Week. Among these is Kiva, a crowdfunding platform that provides zero-interest loans to small business owners and startups. Through Kiva, new business owners can receive up to $15,000 in crowd-funded loans. Additionally, the City of Madison offers a match program for Kiva loans for businesses that work with designated community partners, allowing qualifying businesses to access an additional match loan of up to $7,500. Eligible partners include the Madison Black Chamber of Commerce, the Hmong Chamber of Commerce of Wisconsin, and other local business organizations.
JustVeggiez, a restaurant, catering, and vending services company located downtown in Madison, has benefited greatly from the Kiva program. In 2023, they received a total of $11,000 in funding from this platform. The City’s funding for its Kiva project comes from the Small Business Equity and Recovery (SBEG) program within their Operating Budget. To learn more about Kiva loans and how to apply for them visit the Office of Business Resources’ website.
Another valuable resource for local businesses in Madison is the Building Improvement Grant program offered by the city. These grants help business owners cover capital costs associated with renovating their retail spaces so they can stay put longer and establish roots in their communities. For instance, JustVeggiez was able to participate in this program and received $50,000 from the City to help cover renovation costs on their building constructed in the late 18th century on State Street.
