business funds

The Importance Of Funding For Business

business funds

The Pflugerville Chamber of Commerce has launched the Pflugerville Pfund, making grants of up to $5,000 for native businesses which were considerably impacted by the COVID-19 pandemic. In early March, Harris County awarded $10 million in forgivable loans to 418 small businesses negatively affected by the COVID-19 pandemic.

Several other organizations are contributing to the Program to assist small companies in particular neighborhoods. For instance, the Crystal City Business Improvement District, in Arlington, has contributed $one hundred,000 for grants to businesses in the Pentagon City, Crystal City, and Potomac Yard neighborhoods. Albemarle County will use $1.25 million of its federal Coronavirus Relief Fund to create a grant program – the Albemarle County Lift Grant – for small businesses negatively affected by the COVID-19 pandemic. The program will give choice to companies in the hospitality, entertainment, retail, and tourism sectors, as will businesses owned by girls, minorities, or veterans.

Communities could apply to the Department of Economic Development for funds to create native mortgage or grant applications. Local packages must observe federal CDBG necessities, similar to creating or retaining jobs for low- and reasonable-revenue staff or benefiting residents of communities where greater than half the inhabitants is low- and average-income. Freeborn County, the City of Albert Lea, and the Albert Lea Economic Development Agency are planning to create a recovery and aid grant program to assist small companies that have been affected by the COVID-19 pandemic.

Small Business Funding: In Review

The pre-software window for this system’s second round is July thirteen-26, 2020. On April 6, the City of Bryan started accepting purposes for a small business grant program along side the United Way of the Brazos Valley and the Community Foundation of the Brazos Valley. Through the Brazos Valley COVID-19 Community Relief Fund, the City of Bryan matches up to $500,000 in grants by the Community Relief Fund. Eighty percent of the funds are earmarked for small companies, and 20 % are earmarked for nonprofit organizations that present private care to Bryan residents.

The program was funded by the City’s Economic Development Fund and CDBG allocation. Greene County’s Department of Development is utilizing $500,000 of its $2.5 million CARES Act allocation for a grant program for small businesses affected by the pandemic. Grants of up to $10,000 are available to companies with 50 or fewer staff , with revenues of $1 million or much less, with a physical storefront or an allowable residence workplace, and that have not but acquired other assistance. Some kinds of businesses aren’t eligible, including banks, liquor/wine stores, nonprofit organizations, vaping or tobacco stores, hashish dispensaries, and franchises . Applications might be out there August 1, and this system will run until funding is depleted or October 30, whichever comes first.

The City of Georgetown and Georgetown Chamber created a Small Business Support and Recovery Grant, offering grants of up to $5,000 to all local non-residence-based businesses, with precedence for those who have frequent, close contact with prospects. The program was capitalized with $a hundred,000 contributions from every of the 2 entities. As of April sixteen, the program was now not accepting new applications. The City of Frisco started accepting purposes for its $3.1 million Frisco/Collin County Small Business Grants Program on June 24.

To qualify, companies must have a brick-and-mortar presence inside the metropolis and have fewer than 25 employees. The program closed on May 22, issuing a total of $464,200 to forty seven native businesses.

The Program presents grants of as much as $50,000 to companies with fewer than a hundred staff and less than $15 million in annual income. Applications have been due on June 30, with funds awarded in early July. The City of Fort Worth is using $10 million of its CARES Act allocation for the Preserve the Fort grant program for small businesses. Of the general $10 million, $2.5 million is earmarked for minority-owned companies and $2.5 million for businesses in the city’s Neighborhood Empowerment Zones and Designated Investment Zones.

The software deadline was initially June eight however, in order to encourage extra functions from minority owned businesses, the deadline has been extended to June 15. The County additionally set aside $400,000 of its allocation to make micro grants to baby care services. On July 11, the County Commissioners permitted an extra $30 million for this system (bringing the entire to $35 million) and increased the maximum loan quantity from $15,000 to $50,000. To qualify for the program, businesses will need to have not more than one hundred staff and have revenues underneath $10 million, and they should have skilled a loss of a minimum of 25 p.c of their revenue since March 1, 2020.

Alternative Ways To Fund Your Business

The program will supply grants of as much as $10,000 for businesses with 2-10 staff, $20,000 for these with employees, and $50,000 for those with more than 20 staff . Businesses must be physically situated inside the County and will need to have been in business for a minimum of two years. Certain kinds of companies usually are not eligible, together with banks/financial institutions, sole proprietors, residence-based businesses, franchises, and vape, tobacco, playing, weapons, and sex-associated businesses.