Madison’s Booming Small Business Scene: How Kiva and Building Improvement Grants are Helping Entrepreneurs Succeed.
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. 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. In addition, 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 a building built in the late 1800s on State Street, has benefited from the Kiva program and received $11,000 in 2023. 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. Another valuable resource for local businesses is the City of Madison’s Building Improvement Grant program which helps business owners cover capital costs associated with renovating their retail spaces and allows them to stay in their current locations longer and establish roots in their communities. JustVeggiez was able to participate in this program and received $50,000 from the city to help cover renovation costs.
To learn more about Kiva loans and how to apply visit the Office of Business Resources’ website or contact them directly if you have any questions or concerns regarding your eligibility or application process.
