The Wisconsin Economic Development Corporation (WEDC) and the Urban League of Greater Madison (ULGM) are partnering, the organizations announced recently.
According to a release, WEDC is providing the Urban League with a $250,000 Small Business Development Grant to support three initiatives to assist innovative new businesses in traditionally underserved communities.
“The Urban League is excited that WEDC is making this investment in our community,” Urban League of Greater Madison President and CEO Ruben Anthony said in a statement. “This new grant will help us support businesses in a wide variety of ways ranging from $1,000 mini-grants that might help a business obtain a vending license or buy some cooking supplies to larger loan guarantees that can help a business leverage private funding while also building new banking relationships and credit.”
The three initiatives are:
- Microgrants of $1,500 to $2,500 for startup costs such as filing or legal fees, business classes, supplies and marketing materials;
- Kiva Loan Matching Funds totaling $75,000; and
- Loan guarantees that are jointly underwritten through a list of strategic lending partners.
Participating businesses must first complete a technical assistance program or a technical assistance program conducted by one of ULGM’s approved strategic partners.
