City of Madison, Wisconsin | Legislative Information Center
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File #: 67073    Version: 1 Name: Aster 21 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-21-00648
Title: Providing Aster 21 LLC a $112,500 loan to purchase a commercial property at 4245 West Beltline Highway 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 Aster 21 LLC for that purpose. (10th AD)
Sponsors: Syed Abbas, Yannette Figueroa Cole, Juliana R. Bennett
Attachments: 1. COA program summary Final.pdf, 2. COA-4245 West Beltline-Aster 21 LLC -WWBIC Concurrence Memo.pdf
Fiscal Note
The proposed resolution authorizes a $112,500 loan to Aster 21, LLC for the purchase of property located at 4245 W. Beltline Highway. 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 Aster 21 LLC a $112,500 loan to purchase a commercial property at 4245 West Beltline Highway 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 Aster 21 LLC for that purpose. (10th 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, Aster 21, LLC is an African American owned business that will operate two of their businesses out of this location. One being a website development and digital marketing business the other a cleaning business with both being in operation for over ten years; and

WHEREAS, Aster 21, LLC would utilize Commercial Ownership Assistance funds to assist with the acquisition of the property located at 4245 W Beltline Highway, 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% of the total project pa...

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