There are several funding options for businesses affected by COVID-19.
The Neighborhood Solidarity Fund seeks to expedite the recovery period in these areas by bolstering the human, organizational and economic infrastructure at the neighborhood level and includes three separate opportunities: the Neighborhood Innovations in Connectivity grant, the Community Development Corporations (CDC) Stability grant and the Neighborhood Small Business Lift grant (applications now closed).
- The Neighborhood Innovations in Connectivity grant is available for formal and informal neighborhood associations and similar organizations to support organizing, connecting and communicating while upholding physical distancing guidelines. Grantees can use funds to implement a solution to connect to their neighbors in this time. Award amount will be determined by size of the area each connectivity project anticipates. To apply please complete the Neighborhood Innovations in Connectivity Application. If you are unable to complete the application using the web-based form, please call SLACO at 314-361-9406.
- The CDC Stability grant is available for neighborhood-focused community development organizations to maintain core operations, staff and healthy work environments. Grantees may also use the funds to provide additional emergency services or financial support to the neighbors they serve. Award amount will be determined by the core operating expenses of each organization. To apply please complete the CDC Stability Application. If you are unable to complete the application using the web-based form, please call CBN at 314-730-5449 to complete the application by phone.
UNIVERSITY CITY CREATES FORGIVABLE LOAN PROGRAM
University City has created its own forgivable loan program for businesses impacted by Covid-19.
The city has set aside $1 million for the program, and funds can only be used to address operational needs such as payroll and payment to service providers, utilities and suppliers. University City businesses cannot use the funds for rent or capital purchases.
Applications will open May 4. Those interested will need to show proof of being approved for the Federal Payroll Protection Program or an SBA loan.
A special 2006 tax is supplying the fund, and no money is coming from the University City General Fund, the city said in a statement.
To learn more about the program potential applicants are encourage to contact Clifford Cross, Director of Planning and Development at 314 -505-8516, or email at [email protected].
Learn more here.
Emergency Farm Loans
The Emergency loan program is triggered when a natural disaster is designated by the Secretary of Agriculture or a natural disaster or emergency is declared by the President under the Stafford Act. These loans help producers who suffer qualifying farm related losses directly caused by the disaster in a county declared or designated as a primary disaster or quarantine area. Also, farmers located in counties that are contiguous to the declared, designated, or quarantined area may qualify for Emergency loans.
For production losses, a 30% reduction in a primary crop in a designated or contiguous county is required. Losses to quality, such as receiving a 30% reduced price for flood damaged crops, may be eligible for assistance, too. Details here.
USDA Implements Immediate Measures to Help Rural Residents, Businesses and Communities Affected by COVID-19 – Learn More
Small Business Development Center
The Small Business Development Center (SBDC) also has these resources available:SBA Disaster Relief Funding
To help business owners prepare for the changing circumstances associated with COVID-19, the Missouri SBDC suggests the following steps to take for businesses financially impacted.
Contact SBDC Business Counselor, Colleen Mulvihill, directly at [email protected].
The Gateway Resilience Fund: This fund will provide short term monetary relief to employees and owners of independent bars, restaurants, and shops in the St. Louis area affected by closures and other circumstances brought about by the COVID-19 outbreak.
Distribution of Funds: The fund will consider covering personal, family, living, or funeral expenses incurred as a result of the outbreak. The Gateway Resilience Fund will make direct grants to eligible applicants or pay their bills. In addition, there are grants available for small businesses in downtown St. Louis. See application for details.
COVID-19 Regional Response Fund
The fund will direct aid to nonprofits already working with the elderly, those isolated and/or quarantined, and children who no longer receive free and reduced lunches. A coalition of more than 25 St. Louis area funders established the fund. Learn More
The Save Small Business Fund is a grant making initiative offering short-term relief for small employers in the United States and its territories.TO QUALIFY
– Employ between 3 and 20 people
– Be located in an economically vulnerable community
– Have been harmed financially by the COVID-19 pandemic
Learn more here.
Additional Funding Resources
SheaMoisture launched a $1 Million Fund to support entrepreneurs of color. Applications open 4/8 and have a quick turnaround. https://www.sheamoisturefund.com/apply-1
Spanx Red Backpack fund is a $5 Million fund targeting women entrepreneurs. Applications opened 4/6. https://www.globalgiving.org/redbackpackfund/
Verizon has donated $2.5 million to the national nonprofit Local Initiatives Support Corporation (LISC). LISC is targeting grants up to $10,000 to entrepreneurs of color and women-owned businesses. To register for the mid-April round of funding, https://www.lisc.org/our-stories/story/verizon-and-lisc-fire-25-million-small-business-covid-19-recovery-fund
Hello Alice is offering $10,000 grants to help small business owners. For more information about those grants and other small business resources https://businessforall.helloalice.com/
Yelp! is not providing a grant to small business but announced $25 million in relief, primarily focused on independent local restaurants and nightlife businesses, in the form of waived advertising fees…. https://blog.yelp.com/2020/03/yelp-covid-19-response-and-support-for-local-businesses
Microsoft is providing six months of Office 365 tools for free to enable remote collaboration, file sharing and video conferencing. For more information, https://www.microsoft.com/en-us/microsoft-365/blog/2020/03/17/helping-smb-customers-work-remotely-microsoft-teams/.