Fiscal Note
The proposed resolution authorizes the Economic Development Division to accept up to $250,000 from the Wisconsin Economic Development Corporation’s (WEDC’s) Small Business Development Grant (SBDG) Program. The grant will fund the Office of Business Resources’ Business Builder Grants for graduates of the Business Ready Program. If awarded, the Economic Development Division 2025 Operating Budget will be amended to reflect the final award.
Title
Authorizing the Economic Development Division to accept a grant of up to $250,000 from the Wisconsin Economic Development Corporation’s (WEDC’s) Small Business Development Grant (SBDG) Program; and, if awarded amending the 2025 Economic Development Division’s Operating Budget by up to $250,000, and authorizing the Mayor and City Clerk to execute a contract with WEDC for the grant. (Citywide)
Body
WHEREAS, the Wisconsin Economic Development Corporation’s (WEDC’s) Small Business Development Grant (SBDG) Program is a competitive program that assists local and regional economic development organizations, municipalities, tribal governments, and counties to support small business development in their respective areas; and,
WHEREAS, WEDC has allocated $2 million for fiscal year 2025, with individual grants ranging from $50,000 to $250,000; and,
WHEREAS, eligible uses of funds include, but are not limited to, matching grant programs (such as startup, façade, expansion) and small business financing for firms with fewer than 25 full-time equivalent employees; and,
WHEREAS, the City of Madison has applied for a $125,000 grant to support “Business Builder Grants”, which will provide, if awarded, supplementary business assistance funding to graduates of the City’s Business Ready Program, which ran from late 2024 to October 2025; and,
WHEREAS, WEDC may determine that the City’s Business Builder Grant application will be awarded up to $250,000; and,
WHEREAS, there will be a short turn-around time between WEDC’s announce...
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