Attention: All PA business owners – real help is on the way! The PA Department of Community and Economic Development opened a $225million Covid-19 relief grant on June 30th for small businesses that have been impacted through this pandemic.
This is a grant made truly for SMALL businesses. There are several factors that go into qualifying each business but a main one is that the business must have less than $1million in yearly revenue. While fortune 500 companies and professional sports franchises are getting millions of dollars in support from the government loans and grants, small businesses have been cast aside.
In addition to this grant focusing strictly on small businesses, a very large portion of the money is dedicated to businesses that are historically disadvantaged. Historically disadvantaged businesses are defined as businesses that are 51% or more owned and operated by people identifying as Black, Hispanic, Native American, Asian American or Pacific Islander (based on the US CDFI Fund definition of individuals historically lacking access to financial services).
Another part that needs to be known about this grant is that it is NOT first come first serve. There will be multiple funding rounds, which allows small business owners the opportunity to prepare and present the best possible application. Special consideration will be given to businesses owned and operated by low and moderate-income people, women-owned businesses and to businesses that were most impacted by the economic shutdown. Ensuring that funds are dispersed throughout the Commonwealth is also of importance.
The businesses that actually need money to get through this pandemic can finally receive it. We at The Rising Tide, along with our partnering Community Development Financial Institutions, are working with the PA Department of Community and Economic Development to help obtain applications and process these grants. We want to make sure everyone knows about this amazing opportunity so that everyone has a chance to apply. Please check out the PA Department of Community and Economic Development Program here and if you have any questions, please contact The Rising Tide Community Loan Fund.
About The Rising Tide Community Loan Fund: The Rising Tide provides a full range of one-on-one business counseling, micro-loans, technical resources and assistance to business owners where resources and opportunities for growth are limited. Established in 2001, Rising Tide’s mission is and has always been to identify small business and community development credit needs that stifle the creation of economic opportunity in low-to-moderate-income communities of the Lehigh Valley and to meet those needs with affordable credit products.