Fiscal Note
The proposed resolution authorizes a $50,000 contract with the Wisconsin Women’s Businesses Initiative Corporation (WWBIC) to assist with administrative costs associated with launching the Kiva Madison Program. The 2019 Adopted Budget includes $50,000 within the Economic Development Division for costs associated with implementing the Kiva program.
Title
Authorizing the provision of $50,000 to launch Kiva Madison by supporting the staffing and administrative costs to create the Kiva Madison Lead Position, which will be based at the Wisconsin Women’s Businesses Initiative Corporation (WWBIC). Kiva Madison will provide zero interest loans that will help to make entrepreneurship more inclusive to women, people of color, immigrants, veterans, and lower income entrepreneurs and business owners.
Body
WHEREAS, in March of 2017 the Common Council adopted the Connect Madison Economic Development Strategy (RES-17-00207) and directed City Staff to move forward with implementation; and
WHEREAS, one of the five Strategy’s was to Support Businesses, Cultivate Entrepreneurship and Champion New Business Models. A Priority Project listed under this strategy is to become a Kiva City which would require an upfront investment to establish the program and ongoing work to promote and manage the process; and
WHEREAS, this would introduce the Kiva Program to Madison as a platform to crowd-fund small, zero percent rate loans of $500 to $10,000, providing early-stage funding to entrepreneurs with limited access to funding through private and public programs in the City of Madison; and
WHEREAS, Kiva is a non-profit based in San Francisco providing micro-loans to entrepreneurs around the world who need a small amount of capital to support their business. Capital is crowdfunded online from both a local and global community of lenders. The program offers $500-$10,000 loans, 0% interest, fixed monthly repayment terms up to 36 months and has a 90% funding success rate. The pro...
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