A $300,000 Request for Proposals (RFP) for the management of the BizReady program was approved by the Madison Common Council on Tuesday night. The program that works to train, assist, and fund BIPOC entrepreneurs across the city in the development of their businesses plays an important role in driving a diverse business ecosystem.
BizReady came as a reaction to the BIPOC population growth exceeding the rate at which BIPOC businesses were being established, according to a press release from the City of Madison. The BizReady program helps entrepreneurs prepare and get the necessary materials and strategies in order to develop their business.
Mayor Satya Rhodes-Conway, who cosponsored the resolution to approve the RFP, spoke to the importance of BIPOC business ownership saying, “Owning a business is a pathway to building generational wealth, and it’s important that it be accessible to anyone with the entrepreneurial spirit. Local businesses are critical to Madison’s economy, so it’s important that they represent the Madison community. This program will help diversify business ownership and create a social and economic environment that’s inclusive of everyone.”
The resolution, also sponsored by Alders Madison, Wehelie, Duncan, and Latimer Burris, approved the RFP that will be funded by American Rescue Plan funds. These efforts will continue in helping to reinvigorate a diverse business ecosystem much like the MarkeyReady Program that launched in 2017, helping to connect food entrepreneurs to mentors and resources.
Madison’s Small Business Equity and Recovery program, a city-sponsored program that provides financial assistance programs to local businesses, will be the umbrella that the BizReady program will fall under.
The RFP for the program administrator is set to be released on July 17.
