Fiscal Note
The proposed resolution authorizes a purchase of service contract for up to $50,000 with the Wisconsin Women’s Businesses Initiative Corporation (WWBIC). The Economic Development Division’s 2020 Adopted Operating Budget includes $50,000 to continue the Kiva Program, which has provided a platform to crowd fund small, zero-percent rate loans to small businesses with limited access to traditional sources of capital. No additional City appropriation is required.
Title
Authorizing the provision of $50,000 to continue Kiva Madison by supporting the staffing and administrative costs for the Kiva Madison Lead Position, which is based at the Wisconsin Women’s Businesses Initiative Corporation (WWBIC). Kiva Madison provides zero interest loans that 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, the Kiva Program in 2019 was introduced 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% in...
Click here for full text