$8 Million in Columbus-Franklin County Small Business Recovery Funds Available for Immediate Access
An
additional $8 million is now available through the Columbus-Franklin County
Small Business Recovery Fund to help Central Ohio small businesses continue to
navigate the COVID-19 pandemic. Grant funding will be prioritized for businesses
that are located in underserved communities and are minority-, woman- or
veteran-owned. Federal funding and support from local resources are meant to
protect the small business economy and help entrepreneurship flourish in the
region.
“Minority-
and women-owned businesses were more likely to miss their chance or be passed
over for Paycheck Protection Program loans from the federal government,” said
Mayor Andrew J. Ginther. “By putting these entrepreneurs at the front of the
line for local funding, we hope to support businesses disproportionately
impacted by the pandemic by enabling them to continue keeping their employees
and customers safe, and hire or re-hire our residents in steady, good-paying
jobs.”
The program is sponsored by the
City of Columbus and Franklin County, which equally funded the new phase of
grant funding. The Ohio Small
Business Development Center at Columbus State Community College will provide
program management, the Wells
Foundation will act as the fiduciary agent, and Community Outreach Partners
will provide education, translation services and guidance to local small
business owners.
Businesses
may apply for one of three grants:
- $5,000
recovery grants
for self-employed, single entity, sole proprietors and sole owner LLCs
- $10,000
recovery grants
for small businesses with at least one full-time employee
- $20,000
job restoration grants
for businesses with at least one full-time employee that lost employees due to
the COVID-19 pandemic. Businesses will receive an initial $10,000 recovery grant
and will be eligible to receive an additional $10,000 for hiring an additional
full-time employee within two months and maintaining their payroll for four
months after receiving initial grant funding.
Grants
may be used to help small businesses mitigate financial hardship due to loss of
sales, re-hire previously lost positions, hire new employees, train and
re-train staff, adopt safer operating procedures and seek out business growth
opportunities.
“I am very proud of our community
partners for their efforts to support our small businesses in this way. The
pandemic and fluctuating economy has affected everyone; however, we’re paying
special attention to those who are especially vulnerable, and this program
gives us a way to help mitigate the financial hardships that the pandemic has
brought,” said Council President Hardin. “Elevating and supporting small
businesses is one of our highest priorities.”
“This collaboration and the funding
that’s been available as a result puts us all one step closer to solving a
problem currently facing our small business owners. It’s no secret that there
is limited awareness of existing resources available to this segment of the
business community. The Columbus - Franklin
County coalition will help amplify these types of opportunities so that small
businesses can continue to thrive and prosper,” Councilmember Bankston said.
“This team will continue to address the awareness challenge and the
disproportionate challenges that face People of Color and women in these
spaces.”
Business owners interested in applying
for a grant may click this link to access and submit an application. Applications will be reviewed on a rolling
basis, with the first deadline occurring on March 18 with funding extending
into September.