Today’s small businesses can seek financial assistance in many forms. Grants are often preferred, as they do not require reimbursement or long waiting times. However, rotating loan programs and tax credits can also provide many benefits. Here is a selection of various financial aid programs currently available to businesses in the US
Sac4SmallBiz Small Business and Nonprofit Grant Program
Sacramento County, California is devoting $7.5 million of its American Rescue Plan Act funds to a small business grant program. Sac4SmallBiz’s Small Business & Nonprofit Grant Program will provide $10,000 in grants to eligible small businesses and nonprofits across the county that have been negatively affected by the pandemic. Funds must be used for eligible expenses, but the money does not have to be repaid. Entries are now open and must be submitted by August 31.
Variable Loans from the Maryland Economic Adjustment Fund
The Maryland Department of Commerce recently received a $1.6 million grant that it will use to support the state’s small businesses. The grant comes from the Economic Development Administration of the United States Department of Commerce. These federal funds will also be supplemented by a $396,000 grant from the Maryland Economic Adjustment Fund. The Maryland Department of Commerce will use the money to support small businesses through MEAF’s revolving loan fund, which supports small businesses that don’t qualify for traditional loans or financing. This particular program will prioritize businesses in Baltimore City and rural regions in the state.
Amherst New Business Storefront Grants
Amherst, Massachusetts and the Amherst Business Improvement District offer $40,000 in new brick-and-mortar businesses to open in the city. New retail businesses in Amherst can apply for grants between $5,000 and $10,000. To qualify, companies must already have a lease and business plan. The application deadline is August 15, after which an independent committee reviews and selects the recipients.
Atlanta Strategic Initiatives Community Grant Program
The Fulton County Development Authority recently unveiled its new Strategic Initiatives Community Grant program. The program will award grants of up to $500,000 to businesses and nonprofit organizations that support the community through housing, infrastructure, workforce development and education. To qualify, organizations must have a current business license within the county or a non-profit tax status along with a good reputation. The application period is expected to open within one month and applications will be accepted on a rolling basis, with an assessment period of approximately 90 days.
VBTrive Business Relief Grant Program
The Local Initiatives Support Corp. Hampton Roads reopens the VBThrive Business Relief Grant program. LISC administers the Virginia Beach grant program in addition to United Way of South Hampton Roads and the City of Virginia Beach. This funding round focuses on small businesses in the tourism, travel and hospitality sectors that are still struggling due to the pandemic. This round includes $10 million in funds, with individual grants ranging from $10,000 to $50,000 depending on the number of employees. August 31 is the deadline to apply.
Empire State Development Corp.’s COVID-19 Capital Costs Tax Credit Program
New York State is accepting applications for a new tax credit program to help businesses struggling with COVID-19. The Empire State Development Corp.’s COVID-19 Capital Costs Tax Credit Program. has $250 million in credit. Individual companies can claim tax credits of up to $25,000, which can cover up to half of qualified pandemic-related costs. Eligible expenses include health and safety-related supplies or upgrades, including sanitizers, new HVAC equipment, non-contact kiosks, and outdoor space extensions. Credits are awarded on a first-come, first-served basis, and businesses must obtain approval by December 31 to apply credits to their 2022 tax returns.
Follow us on Google News for the latest news.
Image: DepositphotosMore in: Small Business News
This post Millions available in small business grants, revolving loans and tax credits was original published at “https://smallbiztrends.com/2022/07/millions-available-in-small-business-grants.html”