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