Small businesses today can seek financial assistance in many forms. Grants are often preferred because they do not require repayment or long waiting periods. However, revolving loan programs and tax credits can also provide many benefits. Here is a selection of various financial assistance programs currently available for businesses in the United States
Sac4SmallBiz grant program for small businesses and nonprofits
Sacramento County, Calif., is dedicating $7.5 million of its American Rescue Plan Act funds to a small business grant program. The Sac4SmallBiz Small Business and Nonprofit Grant Program will provide $10,000 grants to eligible small businesses and nonprofits across the county that have been negatively impacted by the pandemic. The funds must be used for eligible expenses, but the money does not need to be reimbursed. Applications are open now and are due by August 31.
Maryland Economic Adjustment Fund Revolving Loans
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 Economic Development Administration of the US Department of Commerce. These federal funds will also be matched by 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 qualify for traditional loans or financing. This specific program will prioritize businesses in Baltimore City and rural areas of the state.
Amherst New Business Showcase Grants
Amherst, Massachusetts and the Amherst Business Improvement District are offering $40,000 to new brick-and-mortar businesses opening in the city. New businesses with storefronts in Amherst can apply for grants ranging from $5,000 to $10,000. To be eligible, companies must already have a lease and a business plan. The deadline to apply is August 15, when an independent committee will score and select recipients.
Atlanta Strategic Initiatives Community Grant Program
The Fulton County Development Authority recently unveiled its new Community Grants Program for Strategic Initiatives. The program will award grants of up to $500,000 to businesses and nonprofits that support the community through housing, infrastructure, workforce development and education. To be eligible, organizations must have either a current business license in the county or nonprofit tax status, along with a letter of good standing. The application period is expected to open within a month and applications will be accepted on a rolling basis, with a review period of approximately 90 days.
VBThrive Business Relief Grant Program
The Local Initiatives Support Corp. Hampton Roads is reopening the VBThrive Business Relief Grant program. LISC operates the Virginia Beach grant program alongside United Way of South Hampton Roads and the City of Virginia Beach. This funding round focuses on small businesses in the tourism, travel and hospitality sectors 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 apply.
Empire State Development Corp. COVID-19 Capital Expenditure Tax Credit Program
New York State is accepting applications for a new tax credit program to help businesses struggling with COVID-19. The Empire State Development Corp. COVID-19 Capital Costs Tax Credit Program includes $250 million in credits. Individual businesses can claim tax credits of up to $25,000, which can cover up to half of eligible pandemic-related expenses. Eligible expenses include health and safety related supplies or upgrades, including sanitizers, new HVAC equipment, contactless kiosks, and outdoor space expansions. The credits will be issued on a first-come, first-served basis, and businesses must receive approval by December 31 to apply the credits to their 2022 tax returns.
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