17 cities, states, and online funds where struggling small business owners can receive emergency fun
- The SBA's Paycheck Protection Program aimed to provide financing for struggling entrepreneurs.
- The SBA has forgiven nearly $793 billion in PPP loans as of November 7, 2021.
- Insider listed other emergency funding resources available now for small businesses in need.
- Visit Business Insider's homepage for more stories.
More than 99% of all American businesses are small businesses, and they employ more than half of the workforce.
Preliminary studies by the US government estimate that 200,000 more businesses closed permanently because of the COVID-19 pandemic, compared to annual closures in prior years. In addition to the immediate public health crisis, the global pandemic kicked off a recession that is further impacting the survival of small businesses.
The Small Business Administration's Paycheck Protection Program aimed to provide financial support for struggling entrepreneurs and has forgiven nearly $793 billion in PPP loans as of November 7. The program closed applications on May 31; however, there are still other ways to get funding, either through state and local governments or through corporate initiatives.
Keep reading for a list of emergency-funding resources available right now from public and private sources for small businesses suffering economic disruption due to the coronavirus.
You can check out all of our PPP-related coverage here.
This post was last updated on November 24, 2021.
Small Business Administration
Website: sba.gov/page/disaster-loan-applications
Economic Injury Disaster Loan (EIDL)
Website: covid19relief.sba.gov
Financing type: Emergency loans with 3.75% interest and a maximum period of 30 years.
Funding Limit: $2 million, an increase from the former $500,000 available before October 8.
Who it's for: US small businesses, non-profits, independent contractors, freelancers/self-employed, and limited types of franchise affiliates that have been in business since January 31, 2020.
The deadline to apply is December 31, 2021, unless the program's funding runs out sooner.
Targeted EIDL Advance
Website: www.sba.gov/funding-programs
Financing type: Emergency grant, with no requirement to pay back.
Funding Limit: $15,000
Who it's for: Companies with 300 or fewer employees that have applied for an EIDL, are based in low-income communities, and who can prove more than 30% reduction in revenue. You do not need to be approved for the EIDL to received the targeted advance.
City of Fort Wayne, Indiana
Website: www.mybdf.org
The Brightpoint Development Fund (BDF)
Financing type: COVID-19 Express Loan
Funding limit: up to $20,000
Who it's for: Businesses within Northeast Indiana impacted by the pandemic.
State of Colorado
Website: oedit.colorado.gov
CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund
Financing type: Loan
Funding limit: working capital loans between $30,000 and $500,000
Who it's for: Small Colorado businesses with 5 to 99 employees that were financially stable before the pandemic but now need help to survive.
The Cincinnati Chamber Foundation and the Johnson Foundation
Website: cincinnatichamber.com/foundation-grant
Grant to Support Women, LGBTQ, and Minority Entrepreneurs
Financing type: Grants
Funding limit: $5,000 or $10,000; total fund of $100,000
Who it's for: Minority-, women-, and LGBTQ-owned small businesses that will open within 90 days in downtown Cincinnati, Over-the-Rhine, and Pendleton. The grants will focus on businesses in retail, restaurant, and customer-facing industries. Applicants must have a signed lease for the storefront they plan to open.
Grants will be awarded on a rolling basis.
Brooklyn Chamber of Commerce
Website: bringbackbrooklyn.org
Bring Back Brooklyn Fund
Financing type: Zero-interest loans
Funding limit: Expected to be $30,000; currently raising funds with a goal of $500,000
Who it's for: Small businesses in Brooklyn that have been hurt by the pandemic, shut out of other loan programs, and plan to reopen. The majority of loans are for minority- and women-owned businesses, and funding will only begin after the economy begins to re-open.
Citizens Committee for New York City
Website: citizensnyc.org/grantmaking
Neighborhood Business Grants
Financing type: Grants
Funding limit: up to $10,000
Who it's for: Small businesses in New York City that did not receive PPP or EIDL funding through the SBA. Grants will prioritize businesses owned by people of color, immigrants, and women, those that have greatest need and minimal access to resources, as well as those that modify their operations in order to remain open during the pandemic.
The next round of applications will reopen in fall 2021.
State of California
Website: www.CALoanFund.org
California Rebuilding Fund
Financing type: loans, plus free loan advising
Funding limit: up to $100,000
Who it's for: Small businesses with 50 or fewer employees, in under-banked areas of California. Must have had a gross revenue of less than $5 million in 2019.
San Francisco City Hall
Website: oewd.org
SF Small Business Recovery Loan Fund
Financing type: Zero-interest loans
Funding limit: $100,000; repayments deferred by 1 year
Who it's for: New and existing San Francisco businesses with fewer than 50 full-time equivalent employees and less than $5 million gross revenue in 2019.
Paid Sick Leave
Financing type: Payroll assistance
Funding limit: 40 hours additional paid sick leave time beyond the city's existing Workers and Families First program
Who it's for: Businesses with 50 or fewer employees
JPMorgan Chase
Website: impact.jpmorganchase.com
Entrepreneurs of Color Fund, Ascend, and Community Development Financial Institution partners
Financing type: Loans and interest-rate reductions
Funding limit: TBD, total donation is $8 million
Who it's for: Underserved and underrepresented entrepreneurs and small businesses in the US and globally
State of Ohio
Website: businesshelp.ohio.gov
Ohio Micro-Loan Program
Financing type: Zero-interest loans
Funding limit: $10,000-$45,000, to be repaid within five years for permanent working capital and seven years for equipment.
Who it's for: Any existing business in the state of Ohio
Women's Business Enterprise Loan Program
Financing type: Loans
Funding limit: $45,000-$500,000, to be repaid within 10 years for equipment and machinery and 15 years for owner-occupied real estate; interest rates at or below 3%.
Who it's for: Women-owned businesses
Ohio Minority Business Direct Loan Program
Financing type: Loans
Funding limit: $450,000, but can be up to 75% of proposed project operation cost with proof; fixed 3% interest rate.
Who it's for: Certified minority-owned businesses that are purchasing or improving fixed assets resulting in the creation of new jobs for Ohioans.
Kiva
Website: kiva.org/borrow
Small business loans
Financing type: Zero-interest loans
Funding limit: $15,000
Who it's for: Small businesses seeking community-based lending, as opposed to traditional financial institutions
GoFundMe
Website: www.gofundme.com/f/smallbusinessrelieffund
Small business relief fund
Financing type: Donation-matching micro-grants
Funding limit: $500, total fund is more than $2.7 million
Who it's for: Independently owned and operated small businesses with GoFundMe campaigns to offset negative impacts from the COVID-19 pandemic
State of Maine
Website: www.famemaine.com/business
FAME Direct Loan (formerly Economic Recovery Loan)
Financing type: Loans
Funding limit: Large loans up to $1,000,000 if substantial public benefit is demonstrated; most business loans available up to $500,000
Who it's for: Maine-based businesses that can show ability to repay, as well as prove other sources of capital have been exhausted
Assistance from these organizations has now ended or is on hold until further notice
Local Initiatives Support Corporation
Website: www.lisc.org/covid-19
The latest application round is closed, but you can sign up to be notified of future rounds.
City of Denver
Website: www.denvergov.org
MainVest
Website: mainvest.com/main-street-initiative
Topeka and Shawnee County
Website: visit.topekapartnership.com/host-relief
City of Irving, Texas
Website: https://www.cityofirving.org/3634/Business-Funding
City of Seattle
Website: seattle.gov/office-of-economic-development
City of Philadelphia
Website: phila-uyims.formstack.com
New York City Hall
Website: nyc.gov/covid19biz
Downtown Alliance New York
Website: downtownny.com/RentAssistGrant
Salt Lake City
Website: www.slc.gov/ed/elploan/
City of San Francisco
Website: sf.gov/get-small-business-grant-resiliency-fund
Website: facebook.com/business
Hello Alice
Website: www.covid19businesscenter.com
The Spanx by Sara Blakely Foundation
Website: www.globalgiving.org/redbackpackfund/
Uber Eats
Website: www.uber.com/us/en/coronavirus/
Ball
Website: FreshPreserving.com/MadeforMore
Amazon
Website: smallbusinessrelieffund.com
FedEx
Website: fedex.com/en-us/support-small-business-grants
Grubhub
Website: blog.grubhub.com/covid-19
Yelp
Website: blog.yelp.com
Vistaprint and the US Chamber of Commerce Foundation
Website: savesmallbusiness.com
Website: support.google.com
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