Today’s small businesses can seek financial help in many ways. Grants are often preferred as they do not require a refund or long waiting periods. However, revolving loan programs and tax credits can also offer many benefits. Here is a selection of various financial aid programs currently available for businesses in the United States
Sac4SmallBiz Small Business and Nonprofit Grant Program
Sacramento County, California, is dedicating $ 7.5 million of its U.S. Rescue Plan Act funds to a small business grant program. Sac4SmallBiz’s Small Business and Nonprofit Grants program will provide $ 10,000 grants to eligible small businesses and nonprofit organizations across the county that were adversely affected by the pandemic. The funds must be used for eligible expenses, but the money must not be reimbursed. Applications are now open and must be submitted by August 31st.
Rotary loans from the Maryland Economic Adjustment Fund
The Maryland Department of Commerce recently received a $ 1.6 million grant that it will use to support small businesses in the state. The grant comes from the U.S. Department of Commerce’s Economic Development Administration. These federal funds will also receive a $ 396,000 grant from the Maryland Economic Adjustment Fund. The Maryland Department of Commerce will use the funds to support small businesses through the MEAF revolving loan fund, which supports small businesses that do not meet the requirements for traditional loans or financing. This specific program will prioritize businesses in the city of Baltimore and rural areas across the state.
Grants for the Amherst New Business Store
Amherst, Massachusetts and the Amherst business improvement district are offering $ 40,000 to new brick and mortar businesses opening in the city. New Amherst showcase companies can apply for grants of between $ 5,000 and $ 10,000. To qualify, companies must already have a lease and a business plan. The deadline to submit the application is August 15, when an independent committee will score and select the recipients.
Atlanta Strategic Initiative Community Grants Program
The Fulton County Development Authority recently unveiled its new Strategic Initiative Community Grants Program. The program will provide grants of up to $ 500,000 to businesses and nonprofits that support the community through housing, infrastructure, workforce development and education. To qualify, organizations must have a current business license in the county tax or nonprofit, along with a letter of good standing. The application period is expected to open within one month and applications will be accepted on a continuous basis, with a review period of about 90 days.
VBThrive Business Relief Grant Program
Hampton Roads reopens the VBThrive Business Relief Grant program. LISC manages the Virginia Beach Scholarship Program along with United Way of South Hampton Roads and the City of Virginia Beach. This round of funding focuses on small businesses in the tourism, travel and hospitality industries that are still struggling due to the pandemic. This round includes $ 10 million in funds, with individual grants ranging from $ 10,000 to $ 50,000, depending on the number of employees. August 31 is the deadline to submit the application.
Empire State Development Corp. COVID-19 Capital Cost Tax Credit Program
New York State is accepting applications for a new tax credit program to help companies struggling with COVID-19. Empire State Development Corp.’s COVID-19 Capital Cost Tax Credit Program includes $ 250 million in credits. Individual companies can apply for tax credits of up to $ 25,000, which can cover up to half of pandemic-related qualifying expenses. Qualified expenses include supplies or upgrades related to health and safety, including disinfectants, new air conditioning equipment, contactless kiosks, and outdoor space expansions. Credits will be awarded on a first-come, first-served basis, and companies must receive approval by December 31 to apply credits to their 2022 tax returns.
This article, “Millions Available in Small Business Grants, Revolving Loans, and Tax Credits,” was first published in Small Business Trends