Each grants and loans can present main aid for struggling small companies – particularly throughout instances of disaster. The latest wildfires in Maui created main points for native companies and residents. And the federal authorities is now extending a deadline for a significant mortgage program. Examine this and a few small enterprise grant applications beneath.
Maui Federal Catastrophe Loans
The U.S. Small Enterprise Administration not too long ago extended the deadline for Hawaii companies and residents to use for the SBA federal catastrophe mortgage. This funding alternative addresses the property injury attributable to the Maui wildfires and related excessive winds that occurred from August 8 to September 30, 2023. There’s a 45-day window extending previous the FEMA registration cutoff of December 11, throughout which the SBA will proceed to just accept mortgage functions for property injury from companies and residents. No further documentation or explanations are required from candidates throughout this prolonged timeframe. The loans can be found to companies of varied sizes, most personal nonprofit organizations, in addition to householders and renters, aiding within the restore or substitute of property harmed within the catastrophe. The SBA affords the choice of further funds for future catastrophe mitigation measures. Small nonfarm companies, small agricultural cooperatives, companies concerned in aquaculture, and most personal nonprofit organizations of any measurement is likely to be eligible for an Financial Harm Catastrophe Mortgage as much as $2 million. This mortgage goals to cowl monetary obligations and working prices that may have been manageable if not for the catastrophe. It may be utilized for fastened money owed, payroll, accounts payable, and different monetary obligations impacted by the catastrophe. The brand new deadline to use for funds is January 25, 2024.
Highland Park Small Enterprise Facade Enchancment Program
The town council in Highland Park, Illinois is revamping its Small Enterprise Facade Enchancment Program. They not too long ago agreed to implement a number of enhancements to this system, which has been serving to native companies and property house owners since 2002. The modifications embrace growing the grant cap from $5,000 to $20,000 yearly, which recipients are required to match. Moreover, this system is increasing to open up eligibility to extra companies and improve the scope of permissible enhancements. Adjustments in this system’s wording are additionally a part of the replace. These modifications make clear that eligible companies should contribute to gross sales tax income, take away the requirement that candidates be for-profit entities, and limit funding requests to 1 particular enchancment per constructing inside a five-year span.
Pierce County Small Enterprise Strengthening and Safety Grant Program
Pierce County, Washington is offering a monetary increase to qualifying small companies by the Small Enterprise Strengthening and Safety Grant Program. By means of this system, small companies situated in unincorporated areas of Pierce County or in cities and cities with fewer than 8,000 residents are eligible. Companies will need to have been operational for at least two years and make use of not more than 20 full-time employees. The cities and cities that qualify below this inhabitants restrict embrace Buckley, Carbonado, Eatonville, Fircrest, Milton, Pacific, Roy, Ruston, South Prairie, Steilacoom, and Wilkeson. Certified small companies have the chance to obtain a reimbursement overlaying half of their eligible bills, with a most grant of $10,000. Qualifying bills embody capital investments corresponding to shopping for new gear, home equipment, furnishings, safety upgrades, or prices associated to enhancing amenities. This additionally extends to safety upgrades like putting in new lighting, alarm techniques, cameras, safe doorways, bollards, and fencing. The grant will function on an identical foundation. This system is simply ready on a last signature for approval.
Iron County Small Enterprise Grant Program
Iron County, Utah’s Small Enterprise Grant program, managed by the Iron County Financial Alternative Board and Cedar Metropolis Enterprise & Innovation Middle, is ready to distribute $60,000 in funds. The intention of those grants is to help initiatives that contribute to the county’s financial improvement. The preliminary stage of pre-application will assist assess if companies qualify for the monetary support. The ultimate date for submitting pre-applications is January 12. Companies that go this preliminary spherical can be requested to finish an in depth software for additional analysis. And recipients must match the funding they obtain on a one-to-one foundation.
Idaho STEP Grants
Idaho not too long ago received a State Commerce Growth Program (STEP) grant, amounting to $233,000. This grant is designated to assist the growth of small enterprise exporters all through Idaho. The STEP grant, partially funded by the USA Small Enterprise Administration (SBA), is managed by Idaho Commerce. Eligible small companies can entry a spread of STEP-supported initiatives, supplied they meet the SBA’s standards. These alternatives embrace instructional classes on exporting, monetary help, a digital international program designed to boost worldwide on-line presence and e-commerce capabilities, and participation in worldwide industry-specific commerce exhibits led by the state. Though the present software interval for STEP funds is closed, it’s anticipated to reopen in August 2024.
Marquette Match on Important Grant Program
Michigan is launching a brand new cycle of its Match on Important grant program, focusing on small companies within the state’s downtown districts. The Downtown Growth Authority (DDA) in Marquette is now accepting functions from companies that qualify for this chance. Match on Important is a reimbursement-based grant, providing as much as $25,000 to small companies by functions processed and overseen by the DDA. Every DDA can put ahead two functions representing two completely different eligible companies, however just one grant per DDA can be awarded. The grant cash could be allotted for numerous functions, together with technical help, inside constructing renovations, growing outside areas on a everlasting or semi-permanent foundation, and different operational prices like advertising and stock procurement. The deadline for submitting functions to the Marquette DDA is February 5.
This text, “$2 Million Available in Small Business Loans and Grants Across the U.S.” was first printed on Small Business Trends