The Wisconsin Economic Development Corporation (WEDC) has awarded the Urban League of Greater Madison a $400,000 Capital Catalyst grant to help the organization launch its Black Business Hub Accelerator Fund, the organization announced today.

According to a release, the accelerator will offer loans, grants and culturally competent technical assistance to at least 40 startups and existing companies owned by people of color.

“We know that entrepreneurs and business owners of color can face hurdles in getting access to capital needed to grow their businesses,” WEDC CEO Missy Hughes said in a statement. “This initiative addresses some of those concerns and provides business owners with culturally competent advisors and services.”

The fund is also geared toward businesses considering locating in the newly announced South Madison Black Business Hub.

The Hub, a 76,000-square-foot building, will be located at the corner of Park Street and Hughes Place.