The City of Madison’s Economic Development Division is highlighting some of the programs and resources available to local business owners during National Small Business Week. One such program is Kiva, a crowdfunding platform that offers loans to small business owners and startups at 0% interest. Through Kiva, new business owners can receive up to $15,000 in crowd-funded loans. The City of Madison also 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, was one of the Madison businesses that benefited from the Kiva program in 2023. They received a total of $11,000 through this platform. Funding for the City’s Kiva project comes from the Small Business Equity and Recovery (SBEG) program in the City of Madison’s Operating Budget. To learn more about Kiva loans and how to apply, visit the Office of Business Resources’ website.
Another valuable resource for local businesses is the City of Madison’s Building Improvement Grant program. These grants help business owners cover capital costs associated with renovating their retail spaces, allowing them to stay in their current locations longer and establish roots in the community. JustVeggiez was able to participate in this program and received $50,000 from the City to help cover renovation costs on their building located on State Street built in the late 1899s.