Did you know?
That right now several private companies and organizations are offering cash grants and low-interest loans to COVID-impacted small businesses and entrepreneurs?
Below are a few financial relief programs currently accepting applications from small businesses and start-ups:
by Shilpa Iyyer
- Facebook’s Small Business Grants Program
- Facebook has reserved $100M to distribute in cash grants and ad credits to up to 30,000 eligible businesses across the world. Businesses in most major cities in the U.S. are now able to apply. Eligible businesses must: (1) have between 2-50 employees, (2) have been in business for over a year, (3) have experienced challenges from COVID-19, and (4) be near a location where Facebook operates. Learn more about the fund and how to apply here.
- Grow with Google Small Business Fund
- Google has partnered with the Opportunity Finance Network to launch a small business fund of $125M. Eligible small businesses will receive these funds in the form of low-interest loans through local lenders. The fund is open for applications until 11:59 EST on June 1, 2020. Learn more about this program and how to apply here.
- Hello Alice – COVID-19 Business for All Grants
- Hello Alice, an AI-driven platform that connects business owners to personalized growth opportunities, is offering $10,000 emergency grants to small business owners impacted by COVID-19. Grant awards are determined based on demonstrated need and proposed use of funds. Applications are being considered on a rolling basis from March 26, 2020 to July 16, 2020. Please visit Hello Alice’s grant website for general information about the program. The terms and conditions of the grant program are available here.
- The Red Backpack Fund
- The Red Backpack Fund is offering at least 1,000 grants of $5,000 each to eligible female entrepreneurs in the U.S. Eligible businesses must: (1) be at least 51% majority women-owned; (2) have fewer than 50 employees total; (3) be registered in the U.S; and (4) have annual revenues not exceeding $5M in any of the past three years. Applications will open in monthly rounds from now until August, and 200 recipients will be selected from each round. The next round of applications will open on June 1, 2020, and will run until June 8, 2020. Learn more about the fund and how to apply here.
Additional funding can help protect and move your business forward through these unprecedented times. We encourage you to consult with your trusted advisors to determine whether a specific funding opportunity is right for you.
