Our analysis suggests that a majority of the nation’s small businesses will face having to shut their doors due to cash concerns in the next 90 days and will need $42B – $120B in flexible, emergency funding to weather this storm. We have a vision that small businesses and the ecosystem surrounding them have access to the resources they need to weather impacts from COVID-19 pandemic and emerge stronger after the crisis than they are today.

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.

Available Now

  • 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

Coming Soon

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 mroth@nextstreet.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.

CDFI Restructuring

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.

In the News

Marketplace: I can’t afford rent for my small business because of COVID-19. What can I do?

Center for an Urban Future: Supporting Small Business Through Coronavirus- Ideas From Experts and Leaders Across NYC