The Urban League of Greater Madison, through a $400,000 grant from the American Family Insurance Institute for Corporate and Social Impact, announced this week the creation of a loan program for new and emerging minority-owned businesses located at the South Side Hub.

According to a release, the Urban League is looking to grow the fund to $1 million by this summer. Loans will average $20,000, with low interest rates and no collateral required.

“This investment from American Family Insurance will jumpstart a much-needed business readiness program so we have a full pipeline of entrepreneurs ready when the hub opens in 2022,” Urban League CEO and President Dr. Ruben Anthony said in a statement.

The South Side Hub arose out of more than two years of community engagement with South Madison residents, non-profit agencies, elected officials and business leaders.