Funding Related Updates for PA Small Business
SBA Approves Simple 1-Page PPP Forgiveness Application for Loans of $50,000 or Less: The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
Wolf Administration Launches $2.2 Million Loan Fund Supporting Creative Small Businesses: the Creative Business Loan Fund will make available $2.2 million in the form of affordable, flexible financing to small, creative businesses (example: craft manufacturers, arts schools, architecture, design and fabrication firms, media companies, and visual and performing arts production agencies). The fund will prioritize creative businesses located in low-income communities, those owned by Black, Indigenous and people of color or serving a diverse market, and those located in small towns/rural communities. Eligible uses include working capital; equipment purchases; renovations to retail, production, or office space; and, in limited cases, building acquisitions. Loan amounts vary from a few thousand dollars to an average size of $75,000, though Bridgeway and Community First will consider requests up to $250,000.
Funding Opportunities
Local Restaurant Grants: As temperatures drop and the days get shorter, restaurants are facing an entirely new set of challenges. In response, DoorDash is providing $5,000 grants to selected small businesses. Applications open Friday, October 16th on the Hello Alice website. Recipients will be notified by December 31st.
BeyGOOD Black-Owned Small Business Impact Fund: BeyGOOD has teamed up with the NAACP to expand economic opportunity by offering $10,000 grants on the 15th of each month through the end of 2020.
IFundWomen x Caress Dreams to Reality Fund: 150 diverse founders will receive $1000 grants and $1500 coaching scholarships to execute successful crowdfunding campaigns.
WBENC Cummins Grant for Black Student Female Founders: $6,000 funding awards to Black female entrepreneurs in STEM currently enrolled in college or university, or a recent college or university graduate. Grant application is October 7 through Friday, October 23 at 11:59 PM EST.
NAACP Powershift Entrepreneur Grant: The NAACP Powershift Entrepreneur Grant is Daymond John's quest to find and award up and coming Black Entrepreneurs. Black Entrepreneurs across the country can apply now for the chance to win $25,000 each to help them grow and scale their businesses during a time they need it most. In addition to the monetary compensation, winners of the grant will receive mentorship from Shark Tank's Daymond John.
KKR's COVID-19 Relief Effort: Created as a key pillar of KKR's COVID-19 Relief Effort, KKR Small Business Builders (SBB) aims to support entrepreneurs and their small businesses around the world. The grants are designed to help business owners sustain their enterprises, maintain or create jobs, and spur economic opportunity as they respond to the ongoing COVID-19 crisis and recover from its resultant economic dislocation.
BCEDC is sharing this information with you, but we are not involved in the programs above. Please contact the organizations listed for any questions.