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October 29, 2020
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November 6, 2020

COVID-19 Business Resources



LISC NYC Launches Fund to Provide Over $1 Million in Small Business Relief and Recovery Grants to New York City Minority-Owned Small Businesses


NEW YORK, NY – LISC NYC today announced the launch of the LISC NYC Small Business Relief & Recovery Fund. The Fund will provide direct grants of $10,000 to New York City minority-owned small businesses that face challenges to their survival in the face of the COVID-19 pandemic. The goal of the Fund is to help particularly vulnerable small businesses weather the immediate impact of the pandemic and to support their likelihood of long-term success. Eligible businesses are encouraged to apply for funding. Businesses applying for funds must be located in New York City; owned by a minority; have 20 or fewer employees; and have an annual revenue of less than $500,000. For general inquiries about grant eligibility criteria and how to apply, please contact Ibrahima Souare, Community Development Officer, LISC NYC (isouare@lisc.org).


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Contact Email: isouare@lisc.org
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Website: www.lisc.org/nyc

CALLING ALL LATINO SMALL BUSINESS OWNERS!


In collaboration with Hispanics in Philanthropy, Google.org and Ureeka, Hispanic Federation is excited to share the following opportunity with you: Google.org has made a $3M grant to Hispanic in Philanthropy’s PowerUp Fund, which has partnered with Ureeka — a community built to support and grow underrepresented small businesses. Together, the PowerUp Fund and Ureeka will not only help you grow your business, but build the skills to continue that growth in the future. Applications for this $5,000 grant and intensive mentoring program are open until October 28 to businesses in California, Texas and New York.


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Website: http://grants.ureeka.biz/powerup-program

SBA Economic Injury Disaster Loan (EIDL)


• EIDL Applications - the EIDL application process has been simplified and a new application portal is live right now at: www.sba.gov/disaster. Businesses that successfully submitted an application or uploaded documents late last week via the temporary document upload portal do not have to take additional action as their applications have been received for processing. Anyone that was unable to complete an application on the prior application portal AND/OR did not upload their application to the document upload portal, should restart their application via the new portal. • EIDL Advances¬ - also available now are advances of up to $10,000 on EIDL loans. The form is part of the new EIDL application process above. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. All applicants who successfully submitted an application prior to yesterday received an email notifying them of this. Below are the instructions the SBA sent: • This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven. • If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application. • EIDL and Faith-based organizations - faith-based organizations may now apply for EIDL with the new application for any public service/secular operations they may have.


Contact Name: SBA Economic Injury Disaster Loan (EIDL)
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Website: www.SBA.gov/Disaster

LISC-Lowe's Neighborhood Business Grants Program


LISC is inviting small business owners in 15 locations across America to apply for the LISC-Lowe's Neighborhood Business Grants program. Application will be available starting August 18-23. Who is eligible? Only small businesses located in the following locations are eligible to receive the Lowe's Neighborhood Business Grant: Atlanta, Charlotte, Chicago, Detroit, Houston, Indianapolis, Los Angeles, New York City, Philadelphia, Phoenix, Rhode Island, Richmond (VA), San Antonio, San Diego and San Francisco-Bay Area. National LISC/Lowe's campaign goals 95% of grantees will be minority-owned businesses, with weight/priority given to: Women-owned businesses Businesses located in historically disinvested communities Businesses in these sectors: Construction, Manufacturing, Retail, Transportation, Warehousing, Real Estate Renting or Leasing Grant funds may be used to: Pay rent and utilities, Meet payroll, Pay outstanding debt to vendors,Upgrade technology infrastructure Take care of other immediate operational costs If you are a nonprofit organization, we have compiled a guide of resources available nationally and locally.


Contact Name: LISC-Lowe's Neighborhood Business Grants Program
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Website: https://www.lisc.org/covid-19/small-business-assistance/lowes-neighborhood-business-grants/?edit&language=en-us

Community Advantage Recovery Loan (CARL)


The U.S. Small Business Administration (SBA) is offering a new financial assistance loan expressly for existing small and start-up businesses in under-served areas. This loan program offers financial and technical assistance to help small businesses adapt to changing business conditions in the COVID-19 environment and strengthen their ability to manage through potential future disruptions. The technical assistance portion consists of fifteen hours (15) of required advising, which must be completed during the first six months of the loan term. It can include such topics as business planning, financial management strategies to build cash reserves and reduce expenses, operations management, and marketing and e-commerce, based on the business' needs. What Businesses Need to Know: • Allowable Uses: Working capital, inventory, equipment, and real estate purchases • Loan Amount: $50,000 to $250,000 • Loan Term: • Minimum 5 years • Maximum 10 years for working capital & equipment, 25 years for real estate • 10% minimum down payment • Interest Rate: Maximum Prime + 6% • Collateral Required: All loans shall be secured by available assets of the borrower and its principals to the extent necessary to protect the interests of the lender • Have until September 27, 2020 to be approved, with a full disbursement of no later than October 1, 2020. • The SBA will cover the payment of principal, interest, and other fees for the first six months.


Contact Name: Community Advantage Recovery Loan (CARL)
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Website: https://www.sba.gov/sites/default/files/resource_files/Community_Advantage_Flyer_with_Lenders.pdf

New York Forward Loan Fund (NYFLF)


New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. NYFLF targets the state's small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen sharp reduction in rental income. NYFLF is providing working capital loans so that small businesses, nonprofits and small landlords have access to credit as they reopen. These loans are available to small businesses, nonprofits, and small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest. The working capital loans are timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.


Contact Name: New York Forward Loan Fund (NYFLF)
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Website: https://www.connect2capital.com/partners/new-york-forward-loan-fund/

Neighborhood Business Grants


The Citizens Committee for New York City's Neighborhood Business Grants program offers grants to NYC-based businesses of up to $10,000 to maintain payroll and operations. Eligible businesses must employ 10 or fewer employees and demonstrate business revenue decrease of at least 25% due to COVID-19, and the program will prioritize businesses owned by people of color, immigrants, and women and those who have not received an SBA EIDL or PPP loan.


Contact Name: Neighborhood Business Grants
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Website: https://www.citizensnyc.org/grants/neighborhood-business-grants

Facebook for Small Business Grants Programs for Black Owned Businesses


Facebook for Business -This initiative plans to offer $100 million in grants to the Black business community in the US.


Contact Name: Facebook for Small Business Grants Programs for Black Owned Businesses
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Website: https://www.facebook.com/business/black-business-grants

The Hebrew Free Loan Society


The Hebrew Free Loan Society has partnered with Bank Leumi on an Interest-Free Small Business Loan program, offering loans of up to $20,000 with a maximum term of 36 months to low- and moderate-income women and minority small business owners, with a three-month grace period before repayment begins. Eligibility requirements include business revenues of $1.25 million or less, 15 or fewer employees prior to the pandemic, and a minimum credit score of 650.


Contact Name: The Hebrew Free Loan Society
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Website: https://hfls.org/

The New York Life Foundation and the Cigna Foundation offering Charitable Grants


The New York Life Foundation and the Cigna Foundation are jointly launching the Brave of Heart Fund at E4E Relief, to provide charitable grants to financially support the families of healthcare workers who lose their lives in the fight against COVID-19. Each of our foundations has agreed to seed the charitable Fund with an initial $25 million contribution. The New York Life Foundation will also provide a dollar-for-dollar match on the first $25 million of individual donations received. And, beyond financial support, Cigna is providing these families with emotional and behavioral health services by phone and online. If there is one thing this global pandemic has taught us, it is that by working together, caring for each other, and supporting those in need, we can help address the monumental challenges of those who need us most. If you have family members or friends who are healthcare workers, encourage them to learn more about the Brave of Heart Fund.


Contact Name: Brave of Heart Fund at E4E Relief
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Website: www.braveofheartfund.com

Freelancers Impacted by COVID 19


Freelancers Union Relief Fund offers support for freelancers impacted by COVID-19. The fund provides financial assistance of up to $1,000 per household to cover lost income and essential expenses not covered by government relief programs, including food/food supplies, utility payments, and cash assistance for income loss.


Contact Name: Freelancers Union Relief Fund offers support for freelancers
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