City of Madison, Wisconsin | Legislative Information Center
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File #: 67072    Version: 1 Name: Anesis Therapy SBER Loan
Type: Resolution Status: Passed
File created: 8/23/2021 In control: Economic Development Division
On agenda: 9/21/2021 Final action: 9/21/2021
Enactment date: 9/24/2021 Enactment #: RES-21-00647
Title: Providing Anesis Therapy a $250,000 loan to purchase a commercial property at 815 Forward Drive through the Commercial Ownership Assistance program using the Small Business Equity and Recovery Program (SBER) funds and authorizing the Mayor and City Clerk to sign an agreement with Anesis Therapy for that purpose. (19th AD)
Sponsors: Keith Furman, Yannette Figueroa Cole, Regina M. Vidaver, Sheri Carter
Attachments: 1. COA - 815 Forward Drive - Anesis Therapy - Concurrence Memo.pdf, 2. COA program summary Final.pdf
Fiscal Note
The proposed resolution authorizes a $250,000 loan to Anesis Therapy for the purchase of property located at 815 Forward Drive. The proposed loan will be funded by the Economic Development Division’s Small Business Equity and Recovery (SBER) capital program. The SBER capital program has approximately $994,000 of remaining budget authority. No additional City appropriation is required.
Title
Providing Anesis Therapy a $250,000 loan to purchase a commercial property at 815 Forward Drive through the Commercial Ownership Assistance program using the Small Business Equity and Recovery Program (SBER) funds and authorizing the Mayor and City Clerk to sign an agreement with Anesis Therapy for that purpose. (19th AD)
Body
WHEREAS, Data shows that while Communities of Color represent approximately 27% of the City of Madison’s population, business ownership rates for People of Color are much lower (between 3-9% using varying metrics) within the City; and

WHEREAS, business and property ownership is a vital pathway to economic empowerment. For Madison to make meaningful progress in addressing racial disparities the City must go beyond programs focused on addressing basic needs, and direct more resources and strategies toward building wealth and economic empowerment among communities that are not sharing in the City’s prosperity; and

WHEREAS, Anesis Therapy is an African American woman owned business that will operate their business out of this location. Anesis is a State certified mental health and substance abuse clinic serving over 500 active clients many who identify as BIPOC. The business has been operation for over five years; and

WHEREAS, Anesis Therapy would utilize Commercial Ownership Assistance funds to assist with the acquisition of the property located at 815 Forward Drive, hereby meeting the requirements of the Commercial Ownership Assistance (COA)
Program; and

WHEREAS, the COA program guidelines stipulate these funds can be no more than 25% ...

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