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Women's Lifestyle Magazine

Second Round of Kent County Small Business Recovery Program Now Open

Jun 29, 2020 10:08AM ● By PRESS RELEASE
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(Grand Rapids, Mich. – June 29, 2020) – The Grand Rapids Chamber of Commerce, in partnership with Kent County will open the second round of applications for the Kent County Small Business Recovery Program on Monday, June 29 at 8:00 AM. This round is for businesses that have already received COVID-19 funding. These grants will deliver short-term, financial support to small, for-profit businesses in Kent County with the purpose of cultivating a strong, economic recovery.

The Kent County Small Business Recovery Program’s first round of applications, which was reserved for those that have not previously received coronavirus related aid, began accepting applications on Monday, June 22 at 8:00 AM. Thus far, the program has received over 500 applications, from all zip codes within Kent County, with 345 being eligible for the first round. Of the 345 eligible in round one, 30% of applicants identified as White/Caucasian, 24% Hispanic/Latino(a), 15% Asian, 16% African American/Black, and 12% identified as other. The remaining 155 organizations that have applied will be eligible for consideration on Monday, June 29 at 8:00 AM. Those that have yet to receive coronavirus related aid are still encouraged to apply, as the first round will not close.

“Our team is working hard to assist applicants throughout the entire process, to ensure that businesses get the support that they need, as quickly as possible,” said Dante Villarreal, Vice President of Business and Talent Development at the Grand Rapids Chamber. The process is simple, and our team of business professionals are here to remove barriers as businesses inquire and apply.”

 

The Kent County Small Business Recovery Program will continue to help businesses that have not been able to access, or have been declined local, state, or federal relief funds gain access to additional support to weather the COVID-19 crisis. The program will focus on businesses that may be dealing with additional barriers including but not limited to language, general business knowledge, and those from underserved communities. Consistent with the limitations of the CARES Act, these businesses also must have been directly impacted and experienced losses due to business interruption from COVID-19.

 

Businesses that qualify for this fund will receive a short-term economic relief grant ranging from $5,000, $10,000, $15,000, or $20,000 depending on size of business, operating costs, and additional scoring metrics. In addition to financial support, the Chamber will provide technical assistance including cost-cutting measures, six-month cashflow projection, analysis with a business consultant, creditor recommendation review, and connections to other critical resources.

Additionally, the program eligibility requires applicants to be a private, for-profit business located and registered in Kent County with 0-25 full-time equivalent employees and have a business start date prior to February 15, 2020.
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