MADISON, Wis.— Dane County will have its own hub for people of color to get their businesses off the ground and help them thrive.
Milwaukee’s Sherman Phoenix has become a central space for small business owners of color. Now, that model is set to expand to Madison.
The 2021 Dane County Budget will include up to $2 million to purchase property for a small business hub like Sherman Phoenix.
“We envision it as a hub for business owners, entrepreneurs, and business support services that can reflect the diversity of residents, businesses and institutions that call South Madison home,” said Urban League of Greater Madison President & CEO Ruben Anthony.
“It will be a real economic shot in the arm and a significant economic anchor for black businesses in Dane County,” he said.
The goal is to create a place where minority-owned businesses can be started, sustained, and successful. Women and people of color tend to have less access to capital, less ability to afford rental space, and fewer opportunities to get mentorship.
Sherman Phoenix has almost 30 small businesses ranging from natural hairstylists to bakeries. The goal would be to have something similar, one building housing many businesses.
“That’s just an example of how some groups of individuals have come together in government and investors,” Anthony said. “[They] have gotten behind small and minority businesses to put them in an incubator that has the ability to leverage all that they have. We're looking for the same thing.”
Anthony said some businesses have already reached out, wanting to be part of the project.
“The Urban League has been contacted by over a dozen different small businesses expressing an interest in locating on the site,” he said.
The project will also need anchor tenants: better-known businesses to draw people to the building. Anthony said they’ve already got some interest there too, but would love to hear from more businesses willing to be part of the project.
Leaders from the Urban League of Greater Madison and the county government haven’t chosen a spot yet. However, they know where it will be: On the Southside of the city, in the Park Street corridor.
“The Southside of Madison is the oldest African-American enclave, if there is one, here in the city,” Anthony said. “So getting behind them is really a strong message that we support this community.”
While this idea has been in the works for a while, the national movement for racial equity has put more focus on economic justice.
“It’s one thing to say that you're going to do something, to talk a good game,” Anthony said. “But the follow-through with the funds to make things happen is what we need to have happen in this community more often. And County Executive Joe Parisi has done that over and over and over again, so we're thankful to be in partnership with him and the County Board on this project.”
Anthony and Dane County Executive Joe Parisi said this project is part of the big picture to create a more equal county for everyone.
“We believe that any discussion of racial equity in our community must include economic equity,” Parisi said. “Building wealth within communities is key.”
“This is how economic justice is done,” Anthony said. “Investing in small and minority businesses.”
In the last budget, Dane County included $100,000 to hire someone to spend a year getting the project off the ground. That person has been hired, and County Executive Joe Parisi said they’ll quickly get to work.
Officials expect to narrow down their choices to two buildings by the end of January 2021, so they can make a decision.