Madison Reporter

The City of Madison’s Economic Development Division is highlighting the Commercial Ownership Assistance (COA) program, which aims to help business owners transition from rental spaces to owning their own commercial property. According to City data, business ownership rates for People of Color are between 3% and 9%, despite making up about 27% of the city's population.

The COA program specifically targets communities that have historically faced barriers to accessing capital for business growth. This includes People of Color, immigrant communities, women, disabled residents, and veterans, as well as businesses in under-invested geographic areas of the city. The program provides forgivable loans of up to $250,000 to support business owners in owning or developing property for their business.

One success story of the COA program is Smart Cleaning Solutions, a certified minority-owned business in Madison. They received $250,000 in 2023 through the program to build a new facility on Agriculture Drive. The COA program is funded by the Small Business Equity and Recovery (SBER) program in the City’s operating budget and various Tax Increment Districts.

Applications for the COA program are received quarterly, with deadlines falling on the 3rd Friday of January, April, July, and October. Once the annual budget of $500,000 is exhausted, no more applications are accepted. Information on how to apply can be found on the Economic Development Division’s website.

The COA program is just one of the initiatives funded by SBER to support small businesses in Madison. Other programs supported by SBER include the Façade Grant Program, the Madison Pop Up Shop Program, the BusinessReady Program, Kiva Madison, and various Entrepreneurs of Color programs and initiatives.