TCF Small Business Relief Loan Fund

TCF Bank and Wayne County are working together to provide fast relief through microloans, to help small businesses with the effects of COVID-19./

To mitigate barriers to capital for Detroit’s most vulnerable businesses, TechTown Detroit will administer an emergency fund that provides working capital grants in amounts up to $5,000 to qualifying small businesses. Note that we are not able to respond to applicant inquiries via phone and email. Please refer to our website for information. 

How to Help Detroit’s Restaurant and Bar Workers Through the Novel Coronavirus Crisis

https://detroit.eater.com/2020/3/18/21185330/how-to-help-detroit-restaurant-bar-employees-fundraisers-virtual-tips-novel-coronavirus-covid-19

How to Help Detroit’s Restaurant and Bar Workers Through the Novel Coronavirus Crisis

https://detroit.eater.com/2020/3/18/21185330/how-to-help-detroit-restaurant-bar-employees-fundraisers-virtual-tips-novel-coronavirus-covid-19

Bacardi Pledges Relief to Bars and Restaurants

Bacardi has pledged $3 million in relief to bars and restaurants affected by the COVID-19 shutdowns as part of its #RaiseYourSpirits campaign. (Forbes)

BARTENDER EMERGENCY ASSISTANCE PROGRAM – USBG National Charity Foundation
In order to qualify for grant assistance from the Bartender Emergency Assistance Program, the recipient must satisfy all of the following requirements: Be a Bartender or the spouse or child of a Bartender. The Bartender Emergency Assistance Program defines a “Bartender” as an individual employed in serving beverages or otherwise engaged in the production, promotion or distribution of alcoholic beverages.

Food Industry Relief

James Beard Foundation started a Food and Beverage Industry Relief Fund to provide micro-grants to independent food and beverage small businesses in need. (Forbes)

The Restaurant Workers’ Community Foundation formed a COVID-19 Emergency Relief Fund for small businesses and their restaurant workers, working through the Southern Smoke Emergency Relief Fund. This is a fund for U.S. restaurant workers regardless of region.

SBA disaster assistance program

The SBA’s disaster assistance program isn’t unique to the current pandemic. The SBA offers disaster assistance to small businesses in the wake of natural disasters. SBA loans can help business owners cover expenses for real estate, personal property, economic injury, machinery and equipment, inventory, and other business assets. Disaster assistance loans are available up to $2 million and include low-interest rates and long terms.

US Chamber of Commerce Foundation

The Save Small Business Fund is a grantmaking initiative offering short-term relief for small employers in the United States and its territories.

Small businesses are the foundation of our communities and our economy. Employing nearly half the American workforce, companies like yours keep our neighborhoods running and make them feel like home.

We know you’re facing multiple challenges right now, and every dollar counts.

Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. We hope these supplemental funds will help you get through the next days and weeks. 

TO QUALIFY YOU MUST

•  Employ between 3 and 20 people
• Be located in an economically vulnerable community
• Have been harmed financially by the COVID-19 pandemic

https://savesmallbusiness.com/

Freelancers Union created a relief fund that will offer financial assistance of up to $1,000 per freelance household to cover lost income and essential expenses not covered by government relief programs, including: Food/food supplies, Utility payments, Cash assistance to cover income loss. (Forbes)

Google’s pledge to donate $800 million for COVID-19 relief includes efforts to help small and medium-sized businesses gain access to capital. Google’s pledge to donate $800 million for COVID-19 relief includes efforts to help small and medium-sized businesses gain access to capital. (Forbes)

Hello Alice COVID-19 Business For All Emergency Grant Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of our broader mission to ensure Business for All. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community

Honeycomb Credit, an investment crowdfunding platform, announced a small business relief loan program that’s providing $10,000 to $50,000 in working capital to qualifying businesses. (Forbes)

JPMorgan Pledges $50 Million in Aid to Small Businesses, Nonprofits as Coronavirus Sends Economy into Nosedive

JPMorgan Chase on March 18 announced a $50 million package in global humanitarian aid and grants for nonprofits and small businesses amid growing fears of an impending recession caused by the coronavirus pandemic. (Business Insider)

MainVest Announces Short-term Zero-interest Loans

MainVest, a crowdfunding platform, announced its new Mail Street Initiative: a $2,000, zero-interest, 120-day loan for restaurants or other brick and mortars affected by the shutdown, in addition to its normal funding. (Forbes)

Kiva offering 0% interest Loans

 Kiva is urging small businesses to apply for 0% interest loans up to $15,000. The company is also offering a longer grace period: new borrowers can access a grace period of up to 6 months. (Forbes)

The Spanx by Sara Blakely Foundation donated $5 million to support female entrepreneurs in the wake of COVID-19 and teamed up with Global Giving to establish the Red Backpack Fund.Global Giving will be overseeing the fund, making 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis.

SheaMoisture’s $1Million Fund, small minority and women of color-owned businesses will be able to apply for funding under different initiatives. This list will continue to be updated as opportunities are available. Online applications will be available starting April 8, 2020

Verizon Will Help Customers, Small Businesses Disrupted by Coronavirus’s Impact

The company announced March 13 that it will waive late fees and keep residential and small business customers connected if they are negatively impacted by the global crisis. It signed onto the Federal Communication Commission’s new “Keep Americans Connected” pledge to help ensure connectivity and offer assistance to customers and small businesses facing challenges from the global crisis. (Verizon)

  Hootsuite Offers Small Businesses, Nonprofits Free Access

Organizations in affected industries—such as restaurants, hotels, event venues, performing arts—may use the professional version of Hootsuite’s social media management software, at no cost until July 1. (Hootsuite)

How to Protect Your Small Business During the Coronavirus Outbreak

Despite cases continuing to rise and markets sending people and companies in a panic, it’s not too late for businesses to set up remote workforces, communicate with staff and prepare for a worsening outbreak. Here are a few things you can do now. (CNBC)

Facebook Pledges $100 Million to Aid Small Businesses Affected by Coronavirus

Facebook announced that it will offer $100 million in cash grants and ad credits for up to 30,000 eligible small businesses that need assistance in staying afloat during the COVID-19 crisis. The amount the company has earmarked for small business owners represents 1.4 percent of the company’s net income for the fourth quarter of 2019. It did not disclose how businesses can apply to receive the funding or ad credits, saying it will announce more details “as they become available.” The program will be available in over 30 countries. (Variety)

Kabbage launched an online hub to help boost sales for U.S small businesses impacted by COVID-19, including a system through which businesses can sell gift cards to consumers for use at a later date.

Atlanta Business Continuity Loan Fund

Economic Assistance for Atlanta Businesses Affected by COVID-19

To ensure the viability of city businesses and to help sustain employment, Invest Atlanta has established a Business Continuity Loan Fund (BCLF) with $1.5 million of funding from the City of Atlanta. The fund will offer small businesses zero-interest loans to address a lack of working capital and cash flows as a result of reduced consumer demand, the ability to fulfill product or service orders and other economic conditions.

Berkeley Relief Fund

Berkeley City Council has approved $3 million for emergency relief grants to small businesses, nonprofit arts organizations, and residential tenants, that are hardest hit by the COVID-19 pandemic.

Birmingham: The Birmingham Strong Emergency Loan Fundis providingzero-interest, 180-day loans up to $25,000 to small businesses with less than 50 employees. (Forbes)

Chicago Small Business Resiliency Loan Fund

CHICAGO — In a speech delivered to Chicagoans on Thursday evening, Mayor Lori E. Lightfoot announced a new $100 million economic relief package to support Chicago’s small businesses that are experiencing a temporary loss of revenue as a result of the COVID-19 outbreak. Building on the administration’s ongoing efforts to help reduce the financial impact of this public health crisis on residents, the City is launching the new Chicago Small Business Resiliency Loan Fund in partnership with the Catalyst Fund, chaired by Treasurer Melissa Conyears-Ervin, and other private sponsors. The new fund will provide more than $100 million in low-interest loans to severely impacted small businesses over the coming months, targeting historically under-resourced communities with an emphasis on minimizing hardship for those businesses and their employees.

Connecticut, Greater Hartford COVID-19 Response Fund

Small businesses in Connecticut are now eligible for federal emergency loans of up to $2 million, and the Hartford Foundation has launched a $1 million fund to respond to the needs of Greater Hartford residents impacted by the COVID-19 virus crisis.

Denver Small Business Emergency Relief Fund

Today, March 19, 2020, the Downtown Denver Partnership joined with Denver Mayor Michael B. Hancock and Denver Economic Development and Opportunity (DEDO) to announce the Denver Small Business Emergency Relief Fund. 

The Fund, created in response to the economic impact of COVID-19, will provide relief to businesses that may have had to temporarily close, are struggling with paying rent and utilities, or have had to lay off staff. The $4MM fund will provide eligible small businesses with grants up to $7500 or micro loans to support their stabilization efforts.

Florida Small Business Emergency Bridge Loan Program

Florida: The Florida Small Business Emergency Bridge Loan Program is providing loans up to $50,000 with one-year terms to small businesses with 2 to 100 employees. (Forbes)

These short-term, interest-free working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.

The Florida Small Business Emergency Bridge Loan Program is not designed to be the primary source of assistance to affected small businesses, which is why eligibility is linked pursuant to other financial sources.  Note: Loans made under this program are short-term debt loans made by the state of Florida using public funds – they are not grants. Florida Small Business Emergency Bridge Loans require repayment by the approved applicant from longer term financial resources.

Fort Collins Small Business Relief and Recovery Loan Fund

FORT COLLINS, CO – The City of Fort Collins approved the creation of a new Small Business Relief and Recovery Loan Fund, in cooperation with Colorado Lending Source, a Denver-based non-profit community lender. The City is repurposing seed money previously provided in 2019 to Colorado Lending Source for its Main Street Loan program and is also redirecting the City’s unspent Cluster Program funds to launch the Fort Collins Small Business Relief and Recovery Loan Fund. Total available funds, eligible businesses and use of funds are still to be determined.

The goal of the Fort Collins Small Business Relief and Recovery Loan Fund is to help impacted small businesses quickly access working capital loans to protect businesses and jobs in Fort Collins.

Hillsboro COVID-19 Crisis Funding and Emergency Grant

The City of Hillsboro values our small businesses and wants to help as many entities as we can during this unprecedented crisis. The City has committed up to $500,000 in grants to help small businesses and entrepreneurs immediately offset some of the economic impacts due to the COVID-19 pandemic.

Iowa: Governor Kim Reynolds announced the creation of an Iowa Small Business Relief Program that will allocate grants ranging from $5,000 to $25,000, as well as tax deferrals. (Forbes)

Los Angeles Small Business Emergency Microloan Program

In light of the sweeping impact the COVID-19 pandemic is having on our small business community, the City of Los Angeles has responded swiftly and decisively to support our local, community businesses. The newly established Small Business Emergency Microloan Program now provides financing needed to strengthen small business enterprises in this time of acute need that have been affected by the COVID-19 outbreak.

Maryland: The state’s Department of Commerce released two initiatives for small businesses: a $50 million Emergency Relief Grant Fund that offers grant amounts up to $10,000 and a $75 million Emergency Relief Loan Fund that will provide businesses with 50 or fewer employees loans up to $50,000. (Forbes)

Massachusetts Small Business Recovery Loan Fund

BOSTON — Today, the Baker-Polito Administration announced economic support for small businesses with a $10 million loan fund to provide financial relief to those that have been affected by COVID-19.

The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first 6 months.

Minnesota: The state’sDepartment of Employment and Economic Development will be providing interest-free emergency loans ranging from $2,500 to $35,000 to Minnesota-based businesses in need. (Forbes)

New Mexico COVID-19 Business Loan Guarantee Program

NMEDD is adjusting its business-loan guarantee programs in order to make capital more available to business owners whose operations are severely impacted by the COVID-19 health emergency. Additionally, the department is working with partners across the state to identify special assistance programs and resources available to business owners.

New York City Employee Retention Grant Program

To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.

New York City: The NYC Small Business Services is offering businesses with fewer than five employees grants to cover 40% of payroll costs for two months. Businesses with fewer than 100 employees and sales decreases of 25% or more will be eligible for zero-interest loans up to $75,000. (Forbes)

Philadelphia: The city’s COVID-19 Small Business Relief Fund is providing immediate relief to local small businesses in the form of grants and zero-interest loans. (Forbes)

Portland (Jade District and Old China Town) Small Business Response Fund

Since mid January, 2020, small businesses in the Jade District have been experiencing a dramatic downturn in business due to fear and xenophobia. Many businesses are at the brink due to 6-8 weeks of lost business prior to the statewide declaration to close dining in options for all restaurants and bars.

On Tuesday March 17, Portland Mayor Wheeler declared “Every option will be on the table to support the resilience and the recovery of our local economy.” That includes $140,000 in grants for businesses in the Jade District, the east Portland neighborhood with a large congregation of Asian-owned businesses—many of which were the first to see profits drop when COVID-19 began its spread across China.” Also included are businesses in Old Town Chinatown. 

Recognizing that there are more needs, the Jade District Steering Committee voted to tap into their rainy day fund and contributed another $50,000 to be made accessible for all Jade District businesses. As such, up to $190,000 will be available for disbursement. These resources are intended to be an additional short-term tool to support local businesses and not in place of other government intervention to support Portland and Oregon’s broader economy.

Rhode Island: Governor Gina Raimondo partnered with Microsoft to provide Web-based Microsoft Office applications to Rhode Island small businesses for free for six months. (Forbes)

Salt Lake City Emergency Loan Program

The purpose of this loan program is to provide financial relief to small businesses that will most likely see a downturn in business due to an unforeseen emergency.

The program is intended to help businesses keep their employees and stay afloat during a time of economic hardship. It is meant to bridge the gap for what may be a shortened financial hardship period.

San Francisco COVID-19 Small Business Resiliency Fund

When an unforeseen event occurs that negatively impacts small businesses like COVID-19, the Invest In Neighborhoods Division of OEWD works with individual businesses to provide support and resources they may need to get them through this difficult time. Because of the disruptions that COVID-19 has created for our small business community, the COVID-19 Small Business Resiliency Fund was created. It allows impacted small business owners to access up to $10,000 for employee salaries and rent. This program is administered in partnership with Northeast Community Federal Credit Union. 

SEATTLE

Seattle Foundation’s COVID-19 Response Fund

Seattle Foundation’s COVID-19 Response FundSeattle: The city’s Office of Economic Development is providing $1.5 million in grants up to $10,000 to small businesses. The mayor is also deferring tax payments for business-owner candidates and will set up a small-business recovery task force. (Forbes)

Housed at Seattle Foundation, the Fund makes grants to nonprofits that are working on the frontlines to provide our region’s most vulnerable communities with emergency assistance, such as financial support, healthcare, and childcare.

The first round of grants is prioritizing the communities listed below, all of whom are particularly impacted by this crisis.

• Low-income residents, including those without health insurance and/or access to sick days 
• Low-income workers in disproportionally impacted industries, such as healthcare and the service industry, as well as gig-economy workers 
• Residents with greater health risks, including people over age 60, people with compromised immune systems, and pregnant people 
• Residents with limited English language proficiency 
• Communities of color 
• People with disabilities 
• People experiencing homelessness
• Undocumented workers and families
• People at risk of intimate violence
  

Formed by a coalition of philanthropy, government, and business partners, the COVID-19 Response Fund so far has galvanized a total of $14.3 million from a growing list of partners and online contributors. The Fund complements the work of public health officials and expands local capacity to address the many needs created by the coronavirus crisis.

Amazon to Grant $5 Million to Small Businesses Near its Headquarters Struggling Due to Coronavirus

Amazon announced March 10 it’s creating a $5 million Neighborhood Small Relief Fund to provide cash grants to local small businesses in need during the outbreak. The fund will be directed towards small businesses with fewer than 50 employees or less than $7 million in annual revenue, and with a physical presence within a few blocks of Regrade and South Lake Union office buildings. The businesses must be those that are open to the general public and rely on foot traffic for customers. (The Seattle Times)

Syracuse: The Syracuse Economic Development Corp. created a $500,000 fund to provide 0%-interest, 180-day emergency loans up to $25,000 to the city’s small businesses. (Forbes)

Wisconsin Small Business 20/20 grants

The Small Business 20/20 Program provides grant funds to approved community development financial institutions (CDFIs). Approved CDFIs will award grants of up to $20,000 to their existing loan clients to assist with cash-flow challenges resulting from COVID-19.