The City of Madison recognizes that small, locally-owned businesses are struggling under the pandemic, and businesses owned by people of color even more so. To address this, it has announced its Small Business Equity & Recovery Grant (SBER). As small businesses, worker co-ops are eligible, provided they meet the requirements. Here are the most important details:
- The business must be in Madison (either the registered address or the place of business itself).
- A majority of owners must be people of color or otherwise historically disadvantaged (women, LGBTQ+, veterans, immigrants, low-income people).
- The businesses must have annual revenue of less than $750,000, and must be caught up on all taxes.
- This is technically two grants, for a potential total of $10,000: up to $5000 for revenue loss, and up to $5000 in reimbursements for PPE or other pandemic accommodations, such as creating or upgrading a website.
- Applications received by the 10th of each month will be decided on the 20th, and disbursed on the last day of the month.