City considers loans to support commercial property owners in communities of color

The city of Madison is considering the launch of Commercial Ownership Assistance, a program offering forgivable loans to support Madison business owners transitioning from renting to owning their own commercial property, according to a Capital Times report.

The program could launch as a pilot with initial funding of $500,000 and would address one aspect of racial disparities in Madison by supporting business owners of color, who make up between 3% and 9% of business owners in the city.