Madison Mayor Soglin along with Common Council President Samba Baldeh and Council Vice-President Sheri Carter created a new initiative to support diverse entrepreneurship called the Equity Business Initiative (EBI), the city announced recently.

According to a release, EBI will provide a focus for the city’s existing business development resources, and it will feature a new fund for communities that have historically faced barriers to accessing capital or to start or grow a business enterprise.

“The EBI program will double-down on recent successes like our support for Luna’s Grocery and will tap the potential of more diverse entrepreneurs by providing access to the capital they need to launch or expand a business,” Soglin said in a statement.

First, a comprehensive review of all the City’s current business development programs will need to take place, then it will look to launch the Equity Business Initiative Fund (EBI Fund). The proposed EBI Fund will have four tiers:

1. BizReady Program: recruit a 30-person cohort of early-stage entrepreneurs and provide curated and intensive training, technical assistance, business coaching and small grants to prepare them for launch
2. Kiva Match: Provide a city-sponsored dollar for dollar match to up to 10 competitively selected Madison businesses upon the successful completion of loans through the Kiva Madison Program
3. Commercial Impact Grants: Will provide up to 10 local businesses with up to $50,000 grant to fund interior build-outs of their commercial properties to keep them viable
4. Commercial Downpayment Assistance Program: Support existing business owners looking to take the next step of purchasing or developing a commercial building for their enterprise