COVID-19 has negatively impacted our entire small business community. However, entrepreneurs of color haven’t been able to access disaster financing and relief funding at the same rate as other business owners. Below is a listing of financial assistance programs for local small businesses in the form of loans and grants to provide the critical funds needed to weather the economic impacts of the COVID-19 pandemic.
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The Revolving Loan Fund (RLF) assists small businesses with expansions to create and/or retain jobs in Kansas City, Missouri when conventional bank financing is not possible.
PROJECTS ELIGIBLE FOR FINANCING:
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
The Shuttered Venue Operators Grant (SVOG) program was established as part of the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
The CCED Small Business Stabilization Fund will provide emergency relief grants to small businesses that have been negatively impacted by COVID-19 within the Kansas City, Missouri Central City Economic Development (CCED) Sales Tax District boundaries. The Fund will provide immediate assistance to cover operating expenses, defined as the day-to-day operations, such as payroll, utilities, and rent.
The application period for Round II of the program is now open.
KKR Small Business Builders (SBB) aims to support entrepreneurs and their small businesses around the world. The grants are designed to help business owners sustain their enterprises, maintain or create jobs, and spur economic opportunity as they respond to the ongoing COVID-19 crisis and recover from its resultant economic dislocation. KKR Small Business Builders will support companies in three key ways: 1) access to capital, 2) technical expertise, and 3) a network of support.
AltCap will begin accepting PPP Applications for First time and Second time PPP borrowers starting the week of Jan 11.
As a Community Development Financial Institution (CDFI), AltCap is committed to increase PPP access for small and minority-owned businesses in the Kansas City metro area. Whether you are a first time PPP borrower or received a PPP loan in the previous two rounds, AltCap will be able to assist you in your funding needs.
Central Bank of the Midwest is accepting PPP Applications for First time and Second time PPP borrowers beginning on January 11th, 2021.
To apply for a PPP loan through Central Bank of the Midwest, follow the link below and complete the SBA PPP Form.
The Small Business Administration is offering Economic Injury Disaster Loans (EIDL) for small businesses with substantial economic injury.
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.