Fiscal Note
The proposed resolution authorizes a $300,000 contract with Wisconsin Women’s Business Initiative Corporation (WWBIC), which includes the administration of the Kiva Madison program from 2022-2024 ($200,000), Kiva Madison match funding for other targeted businesses ($50,000), and Kiva Madison match funding for Worker Cooperatives ($50,000). The Kiva Madison program and general match funding will be funded by the Economic Development Division’s Small Business Equity and Recovery (SBER) capital program with the Worker Cooperatives match funded by EDD’s Cooperative Enterprise Development capital program, which have approximately $3 million and $245,000 of available budget authority, respectively. No additional city appropriation is required.
Title
Authorizing a $300,000 contract with the Wisconsin Women’s Business Initiative Corporation (“WWBIC”) for the administration of the Kiva Madison program for 2022-2024 ($200,000), Kiva Madison match funding for Worker Cooperatives ($50,000), and Kiva Madison match funding for other targeted businesses ($50,000).
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WHEREAS, the Kiva Madison Program was introduced to the community in 2019 as a platform to crowd-fund small, early-stage entrepreneurs with limited access to funding; 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 process does not require a formal credit score, collateral, tax returns, business plan or social security number; and
WHEREAS, small businesses identify capital as their most important need and Kiva provides affordable credit to underserved borrowers based on character, relationships reputation and the social impact of the business; and
WHEREAS...
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