City of Madison commits to $100,000 small business loan match

Mayor

MADISON, Wis. — Madison Mayor Satya Rhodes-Conway announced that the city is committed to match $100,000 in Kiva small business loans during the COVID-19 pandemic.

Kiva is an international non-profit crowdfunding platform for small businesses.

Community members will be able to lend money to small businesses at 0% interest and no fees. The businesses will pay the lenders back each month.

Loans are available up to $15,000 and Rhodes-Conway said,” The city will match the amount raised at no cost to the business owners. So if you want a $10,000 loan, you raise $5,000 from the community, the city will match $5,000.”

Small businesses that apply need to be endorsed by one of the following organizations:

  • Madison Black Chamber of Commerce
  • Hmong Chamber of Commerce of Wisconsin
  • Latino Chamber Commerce Dane County
  • Madison Cooperative Development Coalition
  • Wisconsin Women’s Business Initiative Corporation
  • Dane Buy Local
  • Madison Central Business Improvement District

More information can be found here.