If you own or work for a small business in our area, we've put together some resources for you to take advantage of at this time:
SOSNA LOCAL BUSINESS SPREADSHEET
We’ve created a spreadsheet to share with our community that includes:
Best ways to contribute to worker funds for service and industry folks out of work at this time.
Purchase gift cards to use in the future at our local favorites.
Find takeout or delivery to satisfy your quarantine cravings.
Check out the spreadsheet here and if you have any additions for SOSNA’s area, please email firstname.lastname@example.org.
SMALL BUSINESS RELIEF FUND (PIDC & PHILADELPHIA COMMERCE)
The Philadelphia COVID-19 Small Business Relief Fund offers grants or zero-interest loans to Philadelphia small businesses impacted by the COVID-19 pandemic.
The program aims to:
Provide relief to small businesses in order to help them survive this crisis.
Retain as many employees as possible.
Help businesses avoid predatory lenders.
Maintain the provision of goods and services for Philadelphia’s residents.
The three tiers of relief you can apply for are:
$5,000 microgrants for businesses on the smaller of the small side with $500k or less in annual revenue
$25,000 emergency grants for businesses that pull in between $500k and $3 million annually
$100,000 zero-interest loans for businesses in the $3 to $5 million annual revenue bracket
PHL COVID-19 Fund (PHILADELPHIA FOUNDATION & UNITED WAY)
The purpose of this funding is to rapidly deploy solutions and resources to help our nonprofit community navigate near- and longer-term impacts of COVID-19 and ensure that critical resources remain available and readily accessible for those in our community who have the greatest needs and are most disproportionately affected.
DISASTER RELIEF FUND (US SMALL BUSINESS ASSOCiATION)
Application Deadline: December 21st
The U.S. Small Business Administration’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Please click here to learn more.
STABILIZATION GRANTS (THE MERCHANTS FUND)
Application Deadline: May 29th
The Merchants Fund is committed to providing for the economic needs of the merchant community with modest grants. Merchants must be located in Philadelphia for a minimum of three years.
Business Stabilization grants from $500 to $10,000 are available to help small businesses remain stable and viable in the face of economic challenges, changes, opportunities, and crisis.
Businesses that are a necessity for their community and add to the quality of life in the community they serve.
Businesses who would be deeply impacted by a Stabilization Grant.
Businesses where the merchant is heavily involved in their business and who add to the community in a positive way.
Businesses who have significant financial need and who have troubles finding reliable funding elsewhere.
Please click here to learn more.
COVID-19 WORKING CAPITAL ACCESS PROGRAM (PA COMMONWEALTH)
The Commonwealth’s COVID-19 Working Capital Access Program is now open. Please note – you can only apply through a certified economic development organization (CEDO). If you don’t know who your County’s CEDO is please refer to this link or contact us.
The loans are for working capital, which for purposes of this program is considered capital used by a small business for operations, excluding fixed assets and production machinery and equipment. The maximum loan amount is $100,000. No match is required except for retail/service enterprises in which case the program can finance 50% of eligible working capital costs up to $100,000. The interest rate is zero percent (0%) except for agricultural producers, in which case the interest rate will be two percent (2%). Three (3) year terms with a 12-year amortization. There are no payments for the first twelve (12) months. Please read attached guidelines carefully prior to contacting your CEDO.
Questions about the program can be directed to 717-783-5046 or email@example.com