Hundreds of Small and Minority Businesses Receive Funding From the City and Franklin County
Mayor Andrew J. Ginther, along with Columbus City Council
President Shannon G. Hardin and Franklin County Board of Commissioners
President John O’Grady today announced that more than 850 small, minority and
women-owned businesses have received more than $8.3 million from the
Columbus-Franklin County COVID-19 Small Business Response and Recovery
Fund. The Fund, launched in June using CARES Act dollars, offered grants,
low-interest loans and technical assistance for small businesses in the Greater
Columbus area impacted by the COVID-19 pandemic.
“In Columbus, 80% of all of our businesses are small
businesses with fewer than 25 employees. In order for our recovery from the
pandemic and resulting economic crisis to be successful and equitable, we must
assure that small and minority-owned businesses recover and thrive,” said Mayor
Ginther.
To date, 83.7% of the grant awards approved were awarded to
businesses within the City and 16.3% for businesses outside the City, but
within Franklin County. In addition:
- 84% of businesses receiving grants are going to
businesses with 5 or fewer employees;
- 379 (or 43%) businesses receiving grants are
women owned;
- 709 (or 80%) businesses receiving grants are
owned by minorities.
The Fund provided financial assistance to small businesses
throughout the City, some in low- to moderate income (LMI) tracts 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.
Recovery Grants applicants received up to $10,000 to help
maintain existing business operations and retain jobs through the COVID-19
pandemic.
Return Safely Grants for Personal Protective Equipment (PPE)
and facility improvements provided assistance up to $5,000 to help small
businesses reopen safely and responsibly.
The Pivot Loans provided small businesses with access to
low-interest forgivable loans to assist businesses whom may have found
additional market share or to assist in adding capacity to pivot into a new
business line by providing funding to assist with capital investments.
Applicants were eligible to receive a loan up to $20,000.
“Small businesses, especially those in working class
neighborhoods, are struggling during the COVID recession,” said Council
President Hardin. “I’m proud that alongside Franklin County and many other
partners, we were able to prioritize not just small businesses, but businesses
owned by people of color to make sure they benefited from these funds.”
“Our character is being tested in how we respond to this
pandemic, and Franklin County is working to help residents through this
difficult time. That is why we stress wearing masks to protect our neighbors
and have created several different grant and loan programs for businesses. The
more we help one another, the stronger we all become,” said Commissioner
O’Grady.
The Columbus-Franklin County COVID-19 Small Business
Response and Recovery Fund is supported by The City of Columbus, Franklin
County Board of Commissioners and JPMorgan Chase in partnership with Rev1
Ventures, ECDI, Next Street and dozens of regional Entrepreneur Support
Organizations.