A partnership between the Wisconsin Economic Development Corp. (WEDC) and the Urban League of Greater Madison (ULGM) aims to provide entrepreneurs and startups throughout Dane County with access to capital to grow their businesses.
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 ULGM will use three strategies to help small businesses throughout Dane County that may face barriers to accessing traditional sources of capital:
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Microgrants of $1,500 to $2,500 for startup costs such as filing or legal fees, business classes, supplies, marketing materials, totaling $75,000;
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Kiva Loan Matching Funds totaling $75,000 for small businesses that have successfully launched a Kiva crowdfunding campaign; and
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Loan Guarantees that are jointly underwritten through a list of strategic lending partners, including Summit Credit Union, Park Bank, Associated Bank and the Wisconsin Women’s Business Initiative Corp.
Participating businesses must first complete an Urban League technical assistance program or a technical assistance program conducted by one of ULGM’s approved strategic partners.
The Urban League is currently recruiting for its final cohort of the year. As a result of the WEDC funding, gBETA Urban League will be a free, seven-week accelerator to help small businesses grow, connect and raise capital.Â
The application deadline is Sept. 7 and the program will run from Sept. 25-Nov. 14. Selection is competitive, and applicants are encouraged to apply early.
