On April thirteen, the Florida Department of Economic Opportunity announced that this system had made greater than 1,000 loans, totaling more than $forty nine million. The State of Connecticut is providing no-curiosity loans of up to $75,000 for affected small companies, hoping to offer round 600 businesses with a quick cash infusion averaging round $40,000 each in its first round. The first spherical of funding was $20-25 million, enough to finance about 600 businesses with a fast cash infusion within the vary of $forty,000. This round closed on March 27, and the state is now encouraging small companies to use for federal assist.
To qualify for assistance, companies will need to have 20 or fewer employees and be situated on Main Street between Myrtle and Highland Avenues or on a aspect street within one block of Myrtle or Highland. The program began accepting applications for assistance on May 15 and accepted purposes until June 15. To be eligible, a business must lease 5,000 square ft or much less. The program is capitalized by the state’s CARES Act allocation and is being administered by the New Jersey Redevelopment Authority. On July 1, the Town of Londonderry permitted development of a small business grant program to reimburse COVID-19 associated expenses.
To be eligible, companies will need to have 1-25 workers, have a bodily institution, and have been in operation for a minimum of two years. The City of Des Moines used $750,000 of the supplemental Community Development Block Grant it received by way of the CARES Act for a small business reduction fund. Grants of as much as $10,000 had been available to companies with fewer than 30 staff. The Greater Des Moines Partnership offered to supply some matching funds for this system.
The deadline for this system was April 15, with grants awarded on April 24. The City of Kalamazoo, in partnership with the United Way of Battle Creek and Kamazoo, has created a Micro-enterprise Grant Program to assist small companies with as much as ten workers and less than $1 million in annual revenues. The Program will offer $5,000 grants, with a precedence concentrate on businesses owned by girls, individuals of color, and indigenous people. The software deadline iswasMay 27, with awards announced on June 1. The $500,000 program is being funded by $300,000 from the City and contributions from Consumers Energy Foundation.
The Greater Newark Enterprises Corporation has created a loan program to help businesses owned by individuals of colour and which were negatively affected by the COVID–19 pandemic. The Entrepreneurs of Color COVID-19 Relief Fund presents loans of up to $40,000, with an interest rate of three % and a 36-month term, to companies with fewer than 20 workers and annual sales of less than $1 million. Business owners must be black, Hispanic, Native American, or Asian, and companies have to be situated in the larger Newark area. A few kinds of companies, like gambling and adult entertainment, usually are not eligible. The Fund was seeded with a $375,000 investment from JPMorgan Chase.
The program offers precedence to companies with brick-and-mortar areas. The application window will open on May 28, and the City will settle for applications on a phased basis, paralleling the phased approach the Commonwealth of Massachusetts is taking to reopen businesses. The Commonwealth of Massachusetts’s Empowerment Grant for Small Businesses provides small grants of up to $2,500 to small businesses in one of the Commonwealth’s 26 Gateway Cities . Businesses will need to have been in operation for at least one year and have had annual sales of lower than $5 million in its most recent fiscal yr. Preference is given to businesses in industries that have been particularly exhausting-hit by the COVID-19 pandemic, such as house cleaning companies, health/private training, private care services, and brick-and-mortar businesses.
Small Business Funding: In Review
The $50,000 Coronavirus Reconfiguration Costs Assistance and Relief program will make grants of as much as $1,000 to small businesses for objects such as plexiglass partitions, tents/tables, sanitizing products, and social distancing supplies. The program is being funded by CARES Act Municipal Relief Funds. Montana has obtained a $1.25 billion through the CARES Act to mitigate impacts from the COVID-19 pandemic.
On May 4, the City of Westbrook created the Small Business Emergency Commercial Rental Assistance Program to provide grants of up to $1,500 each as much as sixty seven small companies to assist them pay their hire. Businesses should have fewer than 50 workers and have the ability to show financial loss as a result of the COVID-19 pandemic. The Program is being capitalized with $100,500 from the Westbrook Environmental Improvement Corporation. The City of Lake Charles is utilizing $394,000 in CDBG-CV funds to launch the Lake Charles Small Business Stabilization Fund, offering grants of $2,500-$5,00 to small businesses with brick-and-mortar places inside the metropolis limits. The State of Louisiana is utilizing $275 million of its federal COVID-19 help to make grants of up to $15,000 to small companies negatively affected by the pandemic and economic shutdown.
On May 22, the City of Greenfield, in partnership with Buckland, Montague, and Shelburne, created a Microenterprise Assistance Program for small businesses that have misplaced revenue because of the COVID-19-associated financial shutdown. The forgivable loan program will be administered by the Franklin County Community Development Corporation.