City of Madison commits $100,000 to match Kiva small business loans
MADISON, Wis. — The city of Madison is launching a Kiva small business loan match program to support small business owners.
According to a release, the city is committing $100,000 to match Kiva small business loans. Kiva is an international, nonprofit, crowdfunding platform for small businesses. Community members can lend money to local businesses at 0% interest with no fees.
Business can use the funds as working capital and then pay lenders back each month. Community lenders can loan as much as they want starting at $25.
The release said, loans from $1,000-$15,000 will be available through Kiva with the city of Madison matching the amount raised at no cost to the owner.
Businesses endorsed by Madison Black Chamber of Commerce, Hmong Chamber of Commerce of WI, Latino Chamber of Commerce of Dane County, Madison Cooperative Development Coalition, Wisconsin Women’s Business Initiative Corporation (WWBIC), Dane Buy Local and Madison Central Business Improvement District (BID) can receive the match.
“Madison’s small businesses and entrepreneurs are a critical part of our economy. They drive job creation and provide opportunities for wealth building in communities of color. During these unprecedented times, it is up to us all to find ways to support them,” Madison Mayor Satya Rhodes-Conway said. “The beautiful thing about investing in Kiva is we are creating community action. Collectively the City of Madison is saying to these entrepreneurs — we believe in you and are here to support you.”
Madison became a Kiva city on Jan. 1, 2019 in partnership with Madison Gas and Electric and WWBIC.
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