We spend a lot of time talking about how our Region is a place for businesses and individuals to start and thrive. However, in 2020 the novel coronavirus have certainly made that more challenging. At MadREP, we're doing our best to keep you connected to data and support resources during these trying times. In this issue, you'll find information about round two of the Paycheck Protection Program and a new partnership with the Milwaukee Bucks to support entrepreneurs. If you haven't already, be sure to sign up for MadREP funding alerts to stay on top of grant and loan opportunities!
We would be remiss if we didn't remind you how important our individual behavior is on the road to economic recovery. Please take care of yourselves. Practice social distancing. Wear a mask. For the latest reopening and recovery resources, be sure to check the MadREP website often.
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Data Spotlight: Total Employment (Annual) |
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MadREP Announced as a Partner in Milwaukee Bucks and The Lonely Entrepreneur Initiative to Empower Black Entrepreneurs Nationwide |
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Madison Region Economic Partnership President & CEO Jason M. Fields serves as Wisconsin Ambassador to The Black Entrepreneur Initiative (BEI). |
The Milwaukee Bucks and The Lonely Entrepreneur (TLE), a New York-based non-profit that empowers individuals with entrepreneurial skills and support, announced their selection of the Madison Region Economic Partnership (MadREP) as a partner in their initiative to connect Wisconsin Black entrepreneurs with business-skill-building tools and resources to help them advance their businesses.
The Bucks will provide funding for signups of one year of TLE’s entrepreneurial platform to Black entrepreneurs beginning today. This offer is part of TLE’s Black Entrepreneur Initiative (BEI), which currently empowers more than 100,000 current and aspiring Black entrepreneurs across the country. In honor of Martin Luther King, Jr. Day, entrepreneurs can sign up today through Wednesday, Jan. 20, at lonelyentrepreneur.com/bucks.
“Systemic inequalities have created a staggering wealth gap for Black Americans," said MadREP CEO Jason Fields. “While many businesses continue to struggle because of COVID-19, a stunning 41 percent of Black-owned businesses were driven out of business.”
The initiative was created when Fields connected MadREP, the Bucks and BEI, “BEI is fundamentally altering this dynamic by helping Black business owners become stronger, more confident, capable and resilient business leaders,” explained Fields. “Connecting my work there with my work at MadREP and then bringing in my colleagues at the Bucks just made sense. MadREP’s work on this project supports our strategic objectives around leadership, diversity and entrepreneurship while also strengthening the ‘Madwaukee Corridor’ called out in Advance Now 2.0, our comprehensive economic development strategy.”
As a partner organization, MadREP will identify, as well as register, Wisconsin African American entrepreneurs to connect with the program. Note the sign-up deadline does not apply to individuals referred by a partner organization. Interested entrepreneurs who would like to connect with the program should reach out to MadREP at communications@madisonregion.org.
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Paycheck Protection Program Resumed Monday: Eligible businesses may apply for a Second Draw PPP loan. |
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal Monday at 9 am ET. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access exclusively to community financial institutions (CFIs) that typically serve these concerns.
When the PPP loan portal re-opened today, it initially accepted First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries. These lenders made up approximately 10% of all PPP participating lenders in 2020. A First Draw PPP loan is for those borrowers who have yet to receive a PPP loan before the program closed in August 2020.
“It’s encouraging to see SBA make an effort to connect with businesses who were left behind in the first round of loans,” said MadREP President & CEO Jason Fields. “These funds, combined with new local efforts, will be welcome relief for businesses who may have been unable to participate in previous funding programs.”
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Four Things You Need to Know This Week |
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Madison Rounds Out Labor Market Top Ten List
In stormy times, these 15 U.S. cities make jobs happen! What does it take for a city to become a jobs magnet? A new study by LinkedIn's Economic Graph team looks at labor-market conditions in 182 U.S.
Read more
www.linkedin.com
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Wisconsin small businesses receive more than $200M
Wisconsin Economic Development Corporation (WEDC), Wisconsin Department of Revenue (DOR) and Governor Evers announced because of the We're All In grants, local small businesses received approximately $240 million last year.
Read more
waow.com
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Will Workers Resign Due To Handling Of COVID-19 Pandemic?
New research has revealed that two in five office workers plan to resign and find a new job based on how their company handled the COVID-19 pandemic. A total of 1,500 office workers and 500 U.S.-based, C-level executives responded to the survey,...
Read more
businessfacilities.com
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Investor Pitches for Black & Brown Founders - gener8tor
Investors commit to taking a block of meetings, startups apply to pitch them, and gener8tor facilitates the one-on-one pitches. Lightning Rounds is completely free for both startups and investors. These meetings are for startup founders who...
Read more
www.gener8tor.com
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New Order Issued as COVID-19 Cases Remain High in Dane...
Public Health Madison & Dane County has issued Emergency Order #12. The order went into effect January 13, at 12:01am & will be in effect for 28 days. It mirrors much of Order #11 and allows indoor gatherings of up to 10 people & up to 50 outdoors.
Read more
www.cityofmadison.com
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Reopening & Recovery Resources |
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Second Draw PPP Loans
Eligible businesses may apply for a Second Draw PPP loan.
Read more
www.sba.gov
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WEDC Reopening Guidelines
The future will require the gradual adoption of new business practices that reflect the evolving reality of the COVID-19...
Read more
wedc.org
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Return to Work
Businesses must show they are prepared to keep employees, customers and other guests safe.
Read more
www.youtube.com
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Greater Madison Chamber Slido
Join the Conversation! Please ask questions related to COVID-19 and business here.
Read more
app.sli.do
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