Fiscal Note
No additional City appropriation is required with approval of the proposed ordinance. Adopted RES-20-00613 (File 61605) amended the 2020 Adopted Capital Budget to appropriate $750,000 to the Small Business Equity and Recovery capital program. The 2021 Executive Capital Budget includes an additional $2.5 million for the Small Business Equity and Recovery capital program.
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SUBSTITUTE - Creating Section 4.33 of the Madison General Ordinances to establish a Small Business Equity and Recovery COVID Grant Program Ordinance.
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DRAFTER'S ANALYSIS: As the City of Madison, residents, business owners and development community continue to adjust to the challenges the COVID-19 pandemic has brought, we recognize the need to invest in supporting our small business community. Many small businesses face the real prospect of permanently closing. We recognize the historic and current inequities in funding and support for small businesses owned by people of color. The Small Business Equity and Recovery COVID Grant Program aims to focus on businesses owned by people of color.
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The Common Council of the City of Madison do hereby ordain as follows:
1. Section 4.33 entitled “Small Business Equity and Recovery COVID Grant Program” of Chapter 4 entitled “Finance” of the Madison General Ordinances is created to read as follows:
“4.33 SMALL BUSINESS EQUITY AND RECOVERY COVID GRANT PROGRAM.
(1) Statement of Purpose: The City of Madison recognizes the historic and current inequities in funding and support for small businesses owned by people of color and other underrepresented groups. During the COVID-19 pandemic, the federal government provided funds to small businesses through the Paycheck Protection Program, but many banks administering the funds required prior credit relationships with the banks, which many businesses owned by people of color did not have. The Common Council fin...
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