Resources for Small Businesses
The overall economic toll from COVID-19 on small businesses and their employees will be immense and will disproportionately affect already underserved small businesses. Below is a round-up of resources that are available to small businesses impacted by the pandemic. We will be updating this as new resources become available.
Please note that inclusion on this list does not indicate an endorsement from Next Street. As always, we recommend that all businesses do their due diligence before utilizing any resources.
- The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19)
- LISC’s Verizon Small Business Recovery Fund will provide grants of up to $10,000 – Applications are open until 4/4
- Kiva is expanding their eligibility requirements, increasing maximum loan size to $15,000, and extending their grace period
- Applications are open for Truist COVID-19 Grants. Businesses in AL, AR (Crittenden County), FL, GA, IN (Clark, Floyd, Harrison and Washington Counties), KY, MI (Desoto County), TN and TX can apply with LiftFund; businesses in MD, NJ, NC, OH (Brown, Butler, Clermont, Hamilton and Warren Counties), PA, SC, VA, WV and Washington, D.C. are eligible to apply through the Natural Capital Investment Fund
- The GoFundMe.org Small Business Relief Fund will provide $500 matching micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic
- Banks and credit card companies across the country are waiving service fees, deferring payments, and extending additional credit to their existing small business borrowers. Check with your bank to see what assistance you might be eligible for
- Opportunity Fund is soliciting donations for a Small Business Relief Fund
- Facebook will be launching a Small Business Grants Program that will give cash grants and ad credits to 30,000 small businesses.
- The James Beard Foundation will be launching a fund that will provide micro-grants to independent food and beverage businesses in need
- The Main Street Emergency Grant Program would allow small businesses to apply for grants through the Treasury Department
- Alabama: The #BHAMSTRONG Small Business Loan Fund is offering loans up to $25,000 for small businesses in Birmingham
- Arkansas: The Quick Action Loan Program is providing loans up to $250,000
- California: The California Small Business Finance Center will offer a variety of financial resources including a Jump Start Loan Program, a Small Business Loan Guarantee Program, and a Farm Loan Program
- Colorado: The Denver Small Business Emergency Relief program will offer grants up to $7,500 to businesses in industries particularly hard-hit by the coronavirus
- District of Columbia: The DC Small Business Recovery Microgrants Program will offer grants to small, local businesses, independent contractors, self-employed individuals, and nonprofits to meet their short-term financial needs
- Florida: Florida has launched a Small Business Emergency Bridge Loan Program, offering short-term, interest-free working capital loans intended to “bridge the gap” until Federal and other funding is available
- Georgia: Invest Atlanta has established a Business Continuity Loan Fund that will offer 0% loans
- Illinois: The Chicago Small Business Resiliency Fund will offer low-interest working capital loans up to $50,000
- Iowa: Iowa Economic Development is offering a Small Business Relief Fund and a Targeted Small Business Sole Operator Fund
- Maryland: The Department of Commerce has launched an Emergency Relief Grant Fund and a Loan Fund
- Massachusetts: 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
- Michigan: The Michigan Small Business Relief Program will provide grants and Loans
- Minnesota: Interest-free loans from $2,500-$35,000 are available through certified lenders
- New Jersey: NJEDA launched several initiatives, including a grant program, a loan program, and a guarantee program
- New Mexico: The State of New Mexico is offering a loan guarantee program as well as a loan program for manufacturing businesses
- New York: The NYC Small Business Continuity Loan Fund will offer grants up to $75,000 for businesses with fewer than 100 employees; the Employee Retention Grant Program will grant up to $27,000 for businesses with 1-4 employees; Renaissance Economic Development Corporation is launching an Emergency Small Business Relief Program for small businesses located in select NYC neighborhoods
- North Carolina: The NC COVID-19 Rapid Recovery Lending Program is seeking additional funding to offer more loans to small businesses and family farms
- Oregon: Small businesses located in the Jade District or Old Town Chinatown neighborhoods of Portland can apply for grants through the Jade District-Oldtown COVID-19 Small Business Response Fund
- Pennsylvania: The City of Philadelphia is offering a mix of grants and loans through the Philadelphia COVID-19 Small Business Relief Fund
- Washington: The City of Seattle will launch a Business Stabilization Fund offering grants up to $10,000; Amazon is creating a $5 million Neighborhood Small Business Relief Fund to provide cash grants to Seattle small businesses that need assistance.
Next Street Recovery & Resiliency Solutions
Through all the uncertainty, we do know that the economic toll from COVID-19 on small businesses and their employees will be immense and will disproportionately affect already underserved businesses. Below are several initiatives that are are working on to position small businesses for the future. If you’re interested in partnering with us or learning more, please reach out to email@example.com.
Recovery and Resiliency Ecosystem Small Business Response
Underserved small businesses will be disproportionately affected by COVID-19. We need to have an urgent response through a coordinated ecosystem that provides the capital, education, and leadership to small businesses across a given ecosystem. We are leading ecosystem-wide responses that include a capital and savings response, resiliency and recovery tools, and leadership to ensure all resources are coordinated and remain small business-centric.
Small Business Response Fund
Our analysis suggests that US small businesses will need $42-120 billion in flexible, emergency funding to weather this storm. We’re building a stronger capital ecosystem by developing response funds that can be structured quickly and effectively to aggregate capital across multiple funding sources and allocate it to small businesses in underserved communities.
Digital Small Business Resiliency and Recovery Toolkit and Capacity Building
Small businesses need recovery and resiliency support to weather the storm and come out stronger on the other side of it. We deliver recovery and resiliency planning support for small business owners through workshop content and self-guided tools across key topics such as business plan restructuring, bill payment relief, financial and tax advice, marketing strategies, human resources and layoff aversion support, and legal support related to contract negotiations. These can be delivered digitally with 1:1 and workshop support from small business experts.
Small businesses need responsible financial products more than ever. At the same time, the pandemic will put pressure on the sustainability of small business lenders as portfolios start to stress, liquidity dries up, and budgets fall short. CDFIs will need to look at all levers of their business to ensure they survive to meet their mission. We will work with you to assess and develop a strategy for your portfolio, review debt liabilities and develop an approach to negotiate terms and covenants, analyze financial model and operations to find non-essential expenses to cut out, and review personnel and organizational structure to determine potential cuts that can be made.
Partnerships to Enhance Small Business Resiliency
Crisis requires communities and organizations to come together to leverage complementary strengths to achieve greater impact together than on their own. Next Street has a broad and diverse network of partners and collaborators who serve small businesses, including banks, CDFIs, alternative funders, corporations, foundations, business service organizations, and government agencies. We connect the dots across our network to build partnerships that help organizations transform challenges into strengths and greater overall impact.