Fiscal Note
The 2015 adopted capital budget of the Planning and Community and Economic Development
agency (PCED) authorizes expenditures of $250,000 for a "Women Small Business Development Fund" (Project No. 50). The Resolution will rename the program and authorize a selection process for an organization to manage the program. No additional appropriation is required.
Title
SUBSTITUTE Resolution Approving the Entrepreneurship and Small Business Development Resource Fund RFP and Fund Release.
Body
WHEREAS, men start their businesses with nearly twice as much capital as women and this disparity is slightly larger among firms with high-growth potential; and
WHEREAS, the biggest difference in amount of capital between men and women was with regard to outside equity. Women received only 2 percent of total funding from outside equity, compared to 18 percent for men; and
WHEREAS, organizations like the National Women’s Business Council have suggested that closing this gap with equity financing programs, and business mentorship and training programs that target women-owned firms with high-growth potential can help women-owned firms maximize their opportunities for growth; and
WHEREAS, we recognize that Madison is becoming a recognized mid-western technology hub and now is the time to work to address equity issues in the funding of early-stage women-owned companies for the purpose of job creation and economic development; and
WHEREAS, the Entrepreneurship and Small Business Development Resource Fund will target women-owned businesses, but be available on a non-discriminatory basis for all qualified applicants; and
WHEREAS, the 2015 approved budget has funds for this program called the “Women Small Bus. Develop. Fund”, which will be renamed the “Entrepreneurship and Small Business Development Resource Fund”; and
BE IT FURTHER RESOLVED, that the program will be called the “Entrepreneurship and Small Business Development Resource Fund”; and
NOW THEREFORE BE IT RESOL...
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