MADISON, Wisconsin — Madison Mayor Satya Rhodes Conway Friday toured some of the local businesses that have received support from the city in establishing themselves.
Rhodes-Conway visited JP Hair Design and KnitCircus Yarn, both located in the 500 block of Grand Canyon Drive on the west side of town.
The Commercial Property Assistance Program establishes a revocable loan fund to help Madison business owners transition from renting to owning commercial real estate. The program focuses resources on communities that have historically faced barriers to purchasing commercial real estate, including communities of color, immigrant communities, women, and veterans.
It will also give priority to supporting businesses in the uninvested parts of the city.
Rhodes Conway said the program is a good first step to help prevent displacement, especially in neighborhoods at risk of gentrification.
“One of the goals of this program is to build wealth in our community and support not only local businesses, but businesses that are owned by people of color, that are owned by women, that are owned by veterans, and we can be successful in that if this ecosystem is built around those businesses.”
While people of color represent approximately 27% of Madison’s population, only 3% to 9% are business owners.
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