Dear Minoirty Business Partner,
If you or someone you know operates a minority business and has experienced economic hardship due to COVID-19, please consider or share the grant/loan opportunities below:
LISC SB Relief Grant (NEW due April 28)
The second round of applications are now being accepted for LISC’s Small Business Grant program which will award $5,000, $7,500 or $10,000 to for-profit businesses. According to their website, “priority will be given especially to entrepreneurs of color, women- and veteran-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital.”
Applications are being accepted until
Tuesday, April 28 at 11:59PM
EST
. More information
here
.
PPP - (Loan Forgiveness)
The Paycheck Protection Program (PPP) has received renewed funding. It starts as a loan and converts into a grant. You can borrow 250% of your monthly payroll and have all or a good portion of the loan forgiven, amounting to 8 weeks of payroll, rent, and utility payments of post loan. Whatever balance remains, if any, will be result in 2-year, 1% loan with deferred loan payments from 6 to 12 months.
Apply before the money runs out
. Contact your banker or you can contact us to get you started. Get more detailed information
here
.
SBA Economic Injury Disaster Loan (Advance Grant)
The EIDL Program has received new funding. When applying for the EIDL and waiting for approval, you can request an "Advance Grant" up to $10,000, and the SBA will decide on the "advance" based on number of employees and sales. Advanced Funds does not have to be paid back, even if you decide not to take the loan.
Apply before the money runs out
. Begin by contacting Bradley's SBDC
here
. and you can apply for both the Loan and Grant
here
.
You must act fast to get the funding. Please contact us at 309-494-8640 or
economic.development@peoriagov.org for any assistance or to share your Digital success . We look forward to hearing from you.
Respectfully,
Cesar Suarez
Cesar J. Suarez
Senior Development Specialist
309-494-8645
