City Announces New Program to Assist Small Businesses
Mayor Andrew
J. Ginther, City Council President Shannon Hardin and JPMorgan Chase today
announced the Columbus COVID-19 Small Business Response and Recovery Fund, a
loan and grant program created to help small businesses in Columbus get through
the challenges of COVID-19. The City of Columbus will use $5.5 million
received through its federal CARES Act allocation to capitalize the initiative,
and JPMorgan Chase will contribute $250,000 to assist in providing technical
assistance to small businesses in support of the City’s efforts.
“Our small
businesses have suffered greatly during our fight to slow the spread of
COVID-19,” said Mayor Ginther. “It is essential that small businesses are part
of our economic recovery, and these grants and loans will help them stabilize
and grow.”
In establishing
this Fund, the City is building on the recommendations, strategies, framework
and collaborations detailed in the Columbus Small Business Agenda – a strategic
initiative launched in 2019. The Fund provides financial assistance to
small businesses through grants in low and moderate income (LMI) areas of the
City in three ways: Recovery Grants, Small Business Return
Safely Grants and Pivot Loans. All are to help sustain existing business
operations and aid in job retention. The Fund is being launched in partnership
with Rev1 Ventures, Economic and Community Development Institute (ECDI), Next
Street and a coalition of small business and entrepreneur support
organizations.
Applicants
can apply for up to $10,000 in Recovery Grants to help sustain their businesses
through the COVID-19 Pandemic. These grants can be used to help small
businesses maintain existing business operations and retain jobs.
The City
will also provide assistance up to $5,000 in Return Safely Grants for Personal
Protective Equipment (PPE) and facility improvements. These funds are
intended to assist small businesses to secure PPEs and/or make necessary
COVID-19 improvements required to re-open their businesses safely and
responsibly.
The Pivot
Loans provide small businesses with access to low-interest loans. The goal is
to maintain existing business operations, while retaining existing jobs,
creating new jobs or making capital investments due to unexpected market
growth. Applicants are eligible to receive a loan amount up to $20,000.
“The City of
Columbus and partners are stepping up to lend a helping hand so folks can make
it to the other side of the COVID recession,” said Council President Shannon
Hardin. “The design of these grant and loan funds is intentional to reach
businesses that may not have been able to access larger programs. We’ll
measure, track and improve these funds to ensure these dollars are truly
serving this community.”
JPMorgan
Chase is providing funding to support technical assistance to small businesses
along with technological support through the deployment of a streamlined online
application process.
“Small
businesses are the backbone of our city’s economy, and they have been
profoundly impacted by the COVID-19 crisis,” said Corrine Burger, Columbus
Location Leader for JPMorgan Chase. “JPMorgan Chase has a standing commitment
to support the customers, employees and communities across our region,
particularly the most vulnerable, in times of need. Collaboration between government,
business and community partners will be critical to ensuring that business
owners and entrepreneurs have access to the resources and on-going support they
need for a more inclusive economic recovery. We are happy to partner with the
City of Columbus and its partners in this important effort.”
The Columbus
COVID-19 Small Business Response and Recovery Fund will open on June 9, 2020 at
5 p.m. Applications will be accepted on a rolling basis until July 17,
2020 at 5 p.m. Information on how to apply will be available on June 8
at: www.columbus.gov/development/Economic-Development/Small-Business.
For more information, contact the Office of Small Business and Entrepreneur
Development of the City of Columbus at 614-645-8616.