Commercial Ownership Assistance Program
The Commercial Ownership Assistance Program (COA) is a new $500,000 City of Madison effort focused on helping business owners expand their enterprises by transitioning from renting space to owning commercial property for their establishments. The COA program provides forgivable loans of up to $250,000 to support existing businesses in taking the next step toward owning or developing property for their enterprise.
The program focuses resources toward communities that have historically faced barriers to accessing capital to start or grow a business enterprise. Data shows that while Communities of Color represent approximately 27% of the City of Madison’s population, business ownership rates for People of Color are between 3% and 9%. Targeted populations for this program include communities of color, immigrant communities, women, disabled residents, and veterans. The program will also prioritize investments that support businesses in under-invested geographic areas.
APPLICATION INFORMATION
- Applicants should read the COA Guidelines document before filling out this application.
- Applicants must be City of Madison residents, own a business located within the City of Madison.
- Applicants cannot own any other properties other than their primary residence.
- Commercial building must be located in the City of Madison.
- An application review team comprised of Department of Planning, Community and Economic Development staff, Department of Civil Rights staff and other departments as needed will evaluate your application and determine if it meets the eligibility requirements of the program. If the team determines your business meets all eligibility requirements you will be required to submit more detailed information for underwriting of the business and feasibility of the project.
- Applications are received on a quarterly schedule (January, April, July, October).
- Applications are due no later than noon on the 3rd Friday of the above months.
- The COA program has an annual budget of $500,000. Once funds are exhausted, applications will no longer be accepted.
For a copy of the application, please contact the program manager.
Program Manager contact information:
Michael Miller
Business Development Specialist
Office of Business Resources
Email mmiller2@cityofmadison.com
Tel 608 267 8721 ● Fax 608 267 6126