In Wisconsin, the Biden Administration has highlighted continued efforts to bolster small businesses.
In December 2023, Biden came to Wisconsin to tout record numbers in new business applications. Over 15 million new applications were filed since 2020 with an additional record high for Black business ownership.
In the same year, the Small Business Administration delivered $50 billion to small businesses with major increases to amounts lent for Black-owned businesses. The Biden Administration also announced a portion of the American Rescue Plan will invest $10 billion to help small businesses access capital. Wisconsin received over $80 million.
In Madison, confidence in the progress for minority-owned businesses has seen an uptick.
The Black Business Hub officially opened its doors in August. The new space, which has been slowly rolling out since it broke ground in April 2022, will provide new opportunities for Black-owned small businesses.
A combination of office, retail and coworking space along with restaurants and a commercial kitchen aims to help Madison’s Black-owned businesses to grow. Also housed in the building is the Madison Black Chamber of Commerce’s office. It anticipates the ability to reach more entrepreneurs now that it has a more permanent space.
The Wisconsin Latino Chamber of Commerce is also currently expanding its its efforts. In March, the Latino Chamber received $5 million in federal funds to expand its new Gateway facility. The space, currently being remodeled, will be a one-stop-shop for business services to provide support and help Latino-owned businesses access capital.
