The Urban League of Greater Madison and American Family Insurance have launched a revolving loan program for new and emerging minority businesses, according to a release from the company. The loans will be available for new businesses located in a business development hub on Madison’s south side, particularly for minority-owned businesses, under the direction of Dr. Ruben L. Anthony, Jr., CEO and president of the ULGM. American Family will be funding the new loan program with an investment of $400,000 for Urban League administrative staffing and loan seed money.
The ULGM aims to grow the fund to at least $1 million by June 30, and begin making a mix of loans and grants to a variety of new or early-stage, minority-owned businesses (retail, restaurants, services, etc.) for location in the hub. Businesses will have to meet certain criteria, such as limited revenue or customer traction. Loans averaging $20,000 each will be made available to businesses at low-interest rates with no collateral required. The loan program is part of American Family’s new Free to Dream initiative for addressing equity gaps in communities.
