Fiscal Note
The proposed resolution authorizes the selection of and the execution of a contract with Madison Region Economic Partnership, Inc as Administrator of the BizReady program. The contract is funded by $300,000 of American Rescue Plan Act (ARPA) funds allocated to the Small Business Equity Recovery (SBER) program (Munis project #13658). No additional City appropriation is anticipated upon execution of the contract.
Title
Authorizing the Selection of the Madison Region Economic Partnership, Inc (MadREP) as the Administrator to Manage the Business Ready (BizReady) Program - a Training, Technical Assistance, and Micro-Enterprise Funding Initiative Focused on supporting entrepreneurs in the City of Madison.
Body
WHEREAS, RES-21-00487 was adopted on July 6, 2021, and authorized $2,615,000 in ARPA funding for the Small Business Equity Recovery (SBER) Program; and
WHEREAS, the Business Ready (“BizReady”) Program is a component of the larger SBER Program funding and is also part of a larger ecosystem of business development support programs that the city either supports or manages, which includes Kiva Madison, The Building Improvement Grants (BIG) Program, and the Commercial Ownership Assistance (COA) Program; and
WHEREAS, the BizReady Program will build off the successes and lessons learned from the impactful MarketReady Program launched in 2017 and provide technical assistance and direct financial assistance to entrepreneurs; and
WHEREAS, RES-23-00487 was adopted on July 11, 2023, and authorized the release of a $300,000 request for proposals (RFP) to identify a potential administrator of the BizReady Program; and
WHEREAS, after receiving seven (7) total RFP responses the BizReady evaluation team, which was comprised of City staff and community-based experts, utilized a thorough review and vetting process and MadREP received the highest-ranking cumulative score.
NOW THEREFORE BE IT RESOLVED, that the Common Council authorizes City Staff to accept MadREP...
Click here for full text