A federal program is now taking grant applications from the owners of small, historically disadvantaged businesses that are struggling under the weight of the last four years of economic disruption and loss.
The grant program is part of the American Rescue Plan Act, which will provide $10.5 million in grants of $2,500 to $10,000 to minority-owned and other small businesses in Pennsylvania still recovering from the COVID-19 pandemic.
The Pennsylvania Community Development Financial Institutions Network will oversee the applications and then distribute the funding, state Sen. Nick Miller (D-14) announced Monday in a news release about the program.
To be eligible for a grant, businesses must have been in operation on or before March 17, 2020, and must have experienced economic hardship as a result of the COVID-19 pandemic. Businesses must have fewer than 25 full-time employees or the equivalent thereof and must generate no more than $1 million in annual revenue. The application window for the funding is open until Feb. 23.
“This funding is a vital step in supporting our small businesses, especially those minority-, women- or veteran-owned,” said Miller, who represents parts of Lehigh and Northampton counties in the Pennsylvania State Senate. “I am proud to continue to advocate to bring back critical funding to our district, strengthening the foundation of our local economies.”
“Our variety of small businesses are one of the biggest economic advantages we have in the Lehigh Valley,” he added. “I encourage any small business owner who is eligible to apply for this funding. The COVID-19 pandemic hurt many of our small businesses and even four years later, this funding could be a critical lifeline.”
Businesses can use the grants for a variety of purposes, including working capital, inventory, equipment, safety and security equipment, marketing and costs associated with ongoing operations.
For more information about applying for the grants, visit PaSenatorMiller.com. For more information about eligibility requirements, visit the PA CDFI Network website.
This local news story was reported with generative AI assistance.
