The New York State COVID-19 Pandemic Small Business Recovery Grant Program was created to provide flexible grant assistance to currently viable small businesses, micro-businesses and for-profit independent arts and cultural organizations in the State of New York who have experienced economic hardship due to the COVID-19 pandemic. (ACT!) The Texas Small and Diverse Growth Fund, operated by nonprofit lender Business and Community Lenders (BCL) of Texas, will level the playing field for growing minority-owned businesses. The Entrepreneurs of Color Fund will boost economic opportunity for minority-owned businesses in Detroit by providing them with greater access to capital and business Id like to take a moment to thank the Board of Directors for the People Fund for extending this wonderful invitation, specifically Mr. Hopeton Hay who has had a long career as a staunch advocate for minority business development. Growth Partners Arizona Small Business Success Loans can help your business during the loan term to develop effective financial and other business practices so your business can grow. ECIP Provides Capital and Services to Low- and Moderate-Income, Historically Disadvantaged Communities Impacted by COVID-19 WASHINGTON - The U.S. Department of the Treasury announced that it was opening the application process for the Emergency Capital Investment Program (ECIP), a new initiative designed to support access to capital in communities traditionally 4. On behalf of President Barack Obama and Secretary of Commerce Gary Locke, it is my honor to be here today. Many business owners lack access to capital for startup and expansion initiatives, and minority-owned businesses may experience unique challenges securing traditional financing to support their growth goals. The Board will develop further criteria for loan eligibility, set loan amount parameters, and establish other requirements. However, you must be able to afford to take out additional debt finance for these purposes. Title: Microsoft Word - Minority Business Recovery and Growth Loan Fund Guidelines_FINAL Author: jwilhelm Created Date: 9/2/2020 3:47:52 PM This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. Minority Business Recovery and Growth Loan Fund Loan Terms: Loan Amount: Maximum of $100,000 Interest Rate: 0% for the first year Business and corporate guarantees may be requested as 2% for remainder of term Length of Loan: 7 years Fees: No application fees Priority will be given to neighborhood-serving businesses; including This effort includes a pledge to ensure Chamber members increase the amount they spend on services and goods with Black-owned companies. MGCC- Small Business Recovery Loan Fund Company: Monthly Operating Expenses Payroll Payroll Taxes Insurances Rent Utilities Supplies Other Total $ - Other Information Required as Attachments: 2018 business and personal tax return 2020 Interims through 2/29/2020 Revolving loan funds are pools of money used to makes loans for development and small business expansion. Fax: (850) 222-5401. Just last year, minority-owned businesses overall created $1 trillion in economic output and 5.8 million jobs directly - View data from the Minority-Owned Business Growth & Global Reach. The bank said building a thriving small business sector has a lasting impact on communities and on job creation. [email protected]. In 2019, IBank did more than 579 small business loan guarantees for more than $509.6 million in economic activity. Governor Tom Wolf announced the approval of new funding for the Enterprise Development Fund of Erie County, Inc., (EDF) through the Department of Community and Economic Developments (DCED) Pennsylvania Minority Business Development Authority (PMBDA) that will help support local business growth and job creation. When minority- and women-owned businesses seek equity investment to fund growth, if investor ownership exceeds 49%, these businesses lose Starbucks announced Tuesday that it's committing $100 million by 2025 to launch the Starbucks Community Resilience Fund, which is focused on supporting small businesses and development projects in Black, Indigenous, and People of Color communities. Download and Read the Guidelines: Read the program's guidelines thoroughly to see if your project fits the requirements. This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. Eric M. Seabrook, Chief. For more information, visit the programs administrator, the Community Business Partnership. Minority Business Recovery & Growth Loan Fund. Launched on 6 April 2021, the Recovery Loan Scheme (RLS) provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic. - Good Afternoon! Search: Use the criteria above to filter through programs such as funding, loans, tax credits and other incentives. The National African American Small Business Loan Fund The program raised over $2.5 million for thousands of qualifying small businesses. The Open for Business Funds initial grants will allocate $28 million to Community Development Financial Advisory Board Overall program oversight will come from a 5-member Small Business Recovery Oversight Board, chaired by the State Treasurer and co-led by the,Director of the Colorado Minority Business Office. Racial and Gender Economic Injustice. Program Details. The Ohio Minority Micro-Enterprise Grant Program was launched to provide $10,000 in funding to help these companies through the current crisis and set them up for the future. Sacramento, Calif.March 24, 2021Wells Fargo today announced $3 million in grants to Community Development Financial Institutions (CDFIs) California Capital, Opening Doors and Rural Community Assistance Corporation (RCAC) to help small businesses manage the economic effects of COVID-19 and foster an inclusive recovery. The President has Enacted 17 Tax Cuts for Businesses. New York/New York County, New York, to support TruFund Financial Services with establishing a $4,400,000 Revolving Loan Fund (RLF) to be deployed over a three-year period to support the recovery and resilience of small businesses located in the five boroughs of New York City impacted by the COVID-19 pandemic. The Minority and Women Revolving Loan Trust Fund program provides working capital loans of up to $35,000 and fixed asset loans for minorities and women of up to $50,000. Harrisburg, PA Today, Governor Tom Wolf announced the approval of new funding for the Enterprise Development Fund of Erie County, Inc., (EDF) through the Department of Community and Economic Developments (DCED) Pennsylvania Minority Business Development Authority (PMBDA) that will help support local business growth and job creation.