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Business Growth for Job Creation
of 2006 Activities in This Category
Preferences ||| Conditions ||| Activities
These activities help existing businesses grow to create jobs for lower income persons. The City places a priority on helping existing businesses (which serve an export market, or which serve the CDBG target neighborhoods) to grow or locate expanded businesses within these neighborhoods. The activities include a business loan program and a small neighborhood-focused business investment program. Activities address Objective E in the Five-Year Plan and generally serve households with 80% of the median income or less.
The Commission will fund non-profits which provide loans or equity funds or other support (such as incubator space) to businesses to expand in order to create new positions.
The 2006 target goal is to help businesses to create at least 37 new jobs available to lower income residents.
For information on how to submit a proposal in this category, click here.
The Commission will give preference to activities that target the development of new full-time jobs which pay at least two times the minimum wage rate, or provide training and advancement opportunities.
may include not-for-profit entities which operate like a business
to serve a fee-paying market and demonstrate a predictable source
of revenue based upon sales for services not funded by the City.
The CD Office
the recipients of loans or equity investments (or other support) to agree to create, at a minimum, one full-time job at a minimum wage rate
for every $12,500 of CDBG funds received, and one full-time job
at two times the minimum wage rate for every amount between $12,500 and $25,000 of CDBG funds received. At least 51% of the
jobs created must be taken by low- or moderate-income persons.
The CD Office may approve the provision of up to 10% of a funded program's amount to provide loans to businesses to retain existing positions held by income-eligible persons. These projects must be able to meet the HUD requirements for "retention".
Ongoing / currently funded activities in this category include:
City CDBG: Economic Development Fund
Common Wealth Development: Arts Incubator
Common Wealth Development: Housing / Equity Fund
Madison Development Corporation: Business Loan Program
Continuing projects approved in prior years include Madison Development Corporation's West Broadway projects.