Running a small business during a pandemic like in the case of Coronavirus can be a tall order. And as we all know, small businesses play a significant role in growing the economy. But the crisis they have faced lately is beyond threatening. Businesses are feeling the heat, and some are on the verge of closing the doors for good. But you don’t have to pull your hair hard. With some financial support, your business can pull through.
And below is a list of funding for businesses hit by Covid19. Take a look!
- Amazon has launched the Neighborhood Small Business Relief Fund to support businesses affected by Covid19 in Seattle (Regrade neighbourhoods and South Lake Union) and Bellevue. The $5 Million grants are set to help businesses with employees not exceeding 50 and have annual revenue of less than $7Million. For more information, visit Amazon site.
- Google has given $800 to small and medium-sized businesses, health workers and governments who are on the frontline in the fight against this covid19 pandemic. The organization has allocated $340 million ad credits which can be used throughout the year 2020 by small and medium businesses on all goggle platforms to help them reach their customers. The ad credits are available for all small and medium-sized businesses, health workers and governments who have spent ten out of the twelve months in 2019, January and February 2020 with a Goggle ads account. For more details on how to apply for the ads grants check out Google for small business page
- The Hispanic Federation Emergency Assistance Fund is giving between $10 000 and $25 000 grants to non-profit organizations and HF (Hispanic Federation) members serving immigrant communities.The grants are available to eligible members and partner organizations in the United States and Puerto Rico.
- Facebook is giving $100M in cash grants and ad credits to businesses affected by the covid19 pandemic. The donations are eligible to 30,000 businesses in over 30 countries in or near any of the locations where Facebook operates. Applicants should be small businesses with 2 and 50 employees, are affected by covid19 and has been in operation for over a year. Check if you are in or near a Facebook location
- The New York Covid19 Response and Impact Fund is giving $44 million in grants and loans to NYC (New York City) Arts non-profits and social services. Urgency will be given to non-profits which are struggling to meet the new and urgent needs of the city in healthcare, arts and culture, and food insecurity.To check if your organization is legible, check out for more information here.
- The Red Backpack Fund is giving grants to empower women entrepreneurs. The foundation has donated $5 Million for emergency needs and long-term recovery for 1000 women who have been hit by the pandemic. Each female entrepreneur in the United States will receive $5,000 and a “lucky” red backpack from college as a reminder that all that you need to be successful is in your back. For more information and eligibility, click here.
- Minority Business Development Agency (MBDA) is giving women of color a grant competition in any US or territory. Application closes on May 30th. Check for more details.
- Hello Alice is giving $250,000Million grants to small businesses affected by Coronavirus. All applicants should be over 18 years, must be a legal resident of the United States excluding Puerto Rico, must be a licensed profit business located in the United States, must be the business founder or a leading executive (CEO, President, COO, CFO, or other similar titles). Before the grants are awarded, they must meet all the requirements and must go through the grant selection process. Check out more on the grant selection process here.
- Kiva Community has increased its loan eligibility to businesses in the United States with 0% interest. Companies looking for financial relief can borrow larger loans from $10,000 to $15,000. New companies can enjoy more financial flexibility with a grace period of up to six months. Check on how to apply here
- Mainvest has launched “Main Street Initiative” in a bid to support Mortar and Brick’s businesses affected by the pandemic. Companies that start a capital raise through them will be legible for $2,000 loan with zero interest instantly. For more information click here
- SBA (Small Business Administration) has launched different funding relief programs to help small businesses, non-profits, sole proprietors, self-independent individuals and private contractors who have been affected by Covid19 pandemic under the following programs.
- Express Bridge Loan Pilot Program to support small businesses that have a relationship with SBA (Small Business Administration) express lender to access expedited loans up to 25,000 immediately. Check out more information and eligibility here.
- Small Business Debt Relief Program covers all the fees, interests and principal payments on existing and new SBA emergency loans for (microloans, 504, 7(a)). For more information, check here.
- Paycheck Protection Program to help businesses keep their workforce employed during covid19. The SBA loans applications will resume April 27th 2020. Check if you are legible
A word of caution: do your homework. While it’s true that philanthropists, corporate establishments, and organizations are giving away monetary support as listed above, it’s hard to tell between those that are doing so with genuine intentions and those that are using the unfortunate circumstance to advance their marketing goals. Whether you get the money or not, know that all documentations that identify you and your business you willingly provide, and thus remain their property.
It is also important to note that first, not all grantors are accepting applications and may impose some restrictions. Second, as stated clearly on their websites, application does not mean acceptance. For some nongovernmental bodies, they alone decide the measures they use to select the businesses that end up receiving the grants. It is therefore advised that applicants use their intuition and sound judgment.
