We are in uncertain times with COVID-19 forcing us into a new normal and disrupting our daily schedule. Several entrepreneurs and small business owners are dealing with the ramifications of COVID-19 and with so many companies being shut down, there is a concern on how to continue moving forward. Thankfully, there are a number of funders providing opportunities to support entrepreneurs during this time.
From loans to grants, more financial opportunities are available than ever before to help your business survive and thrive post-COVID-19.
Looking to support minorities and women of color owned small businesses and entrepreneurs of color, SheaMoisture established a $1 million fund. Through the fund, applicants can apply for two different opportunities, as well as register for the Women Entrepreneur E-Lab, an e-learning platform providing resources, support, and mentorship to women of color entrepreneurs.
Small business owners who are impacted by COVID-19 can apply for $10,000 grants through Hello Alice, as well as receiving ongoing support from Hello Alice and its community. The funding will enlarge their mission through their initiative Business for All.
In an effort to support the devastating situation the food and beverage industry is experiencing because of the coronavirus, The James Beard Foundation has created a relief fund to provide them with financial assistance. The fund supports small, independent restaurants that need immediate funding to stay afloat and keep the doors open.
To support the change in business status and transitions, Facebook is providing $100 million in cash grants and ad credits. To apply, businesses must meet their eligibility criteria.
US Bank is providing $4 million to national organizations that support small business recovery, as well as making adjustments to a number of their lending products and services, making them more accessible and economical.
For small businesses, especially restaurants and nightlife businesses, Yelp will be waiving $25 million in free advertising, advertising fees, products, and services for COVID-19 affected businesses.
The Employee Retention Credit was created by the Treasury Department and the IRS to motivate companies to retain employees on their payroll during the COVID-19 crisis. The refundable tax credit is 50% of up to $10,000 in wages paid by eligible employers financially impacted by the coronavirus.
Launched by The Spanx by Sara Blakely Foundation, the fund was started with a $5 million donation to GlobalGiving. Grants of $5,000 will be provided to women entrepreneurs within the United States to assist with immediate and long-term needs due to the effects of COVID-19.
While the Economic Injury Disaster loan is normally for businesses affected by natural disasters, but due to COVID-19, the program is being extended to those affected. The loan provides businesses with funds up to $2 million to use towards inventory, make mortgage payments, and other operating expenses.
For small businesses in Seattle affected by COVID-19, Amazon is providing $5 million in cash grants. Businesses must have less than 50 employees or no more than $7 million in annual revenue.
Verizon provided a $2.5 million investment to LISC in order to provide support to small businesses immediately affected by the coronavirus. The main focus of the grants that are up to $10,000 are entrepreneurs of color, women-owned businesses, and those that are historically underrepresented in place without access.
In an attempt to help small businesses keep employees working and on payroll, the SBA is providing loans for COVID-19 financial support. Loans are forgiven if all employees remain on payroll for eight weeks and the loan funds are used for payroll, rent, mortgage interest, and utilities.
13. Kiva Loan
Kiva understands the toll the coronavirus is having on small businesses so they have created different initiatives to support them during the crisis. Applicants will be provided access to expanded eligibility, larger loans, and even a grace period for new approved applicants.
JPMorgan Chase is offering $8 million for underserved small businesses in the U.S., China, and Europe that are extremely impacted by COVID-19.
Nav’s grant competition is providing several prizes for businesses affected by COVID-19. There are a few different steps to apply and they even offer tips to help you make your application stand out.
With COVID-19 creating a negative impact on small businesses, the City of Los Angeles created a fund to immediately support the businesses in their city. The emergency loan program offers loans between $5,000 to $20,000 to help finance businesses during these uncertain times.
If you own a with less than 100 employees in NYC and have experienced 25% or more of a decrease in sales due to COVID-19, consider applying for the continuity loan, which is up to $75,000 with zero interest.
In partnership with Yelp and Intutit QuickBooks, GoFundMe has developed the Small Business Relief Fund. Small businesses can receive financial assistance and support through grants, tools, and resources as they live through COVID-19.
Mailchimp is stepping in to support the small business community during the pandemic. They are offering $10 million in services to small business customers so they can continue utlizing MailChimp’s services during COVID-19.
With the support of over 400,000 investors and $130 million, Wefunder has funded several small businesses and will be continuing this mission during COVID-19. Individuals can donate to a business of their choice with an investment as low as $100 to support them during these uncertain times.
While COVID-19 has created a new way of living for us all, interfering with our day to day operations, especially as business owners and entrepreneurs, we can keep going. It’s essential that we work together to keep businesses not only open but thriving and reaching new heights even after this crisis has passed.