Many government-provided options remain in place to assist small businesses with economic recovery efforts in the wake of COVID-19. But other small businesses and those who want to start new small businesses can find a range of options to help with financing an operation, including non-government and private/non-profit foundations.
First, let’s very briefly run down what’s is still available from the U.S. Small Business Administration (SBA):
- The Paycheck Protection Program (PPP) HERE
- Economic Injury Disaster Loans HERE
- SBA Debt Relief HERE
- Shuttered Venue Operators Grant HERE
Click on the “HERE” links to any of the above to find out more about how you may still be able to access these government resources.
Other Small Business Resources
The good news is that Uncle Sam is not the only game in town if you are looking for small business assistance. There are numerous private foundations and nonprofit entities that have available financial resources you may qualify for. A few examples:
This is a nonprofit organization that provides small, very low-interest loans for beginning entrepreneurs or those who have just gotten started. Minimal qualifications are required to get a loan from Kiva for up to $15,000. Furthermore, new borrowers can now be granted a six-month grace period during which no payback is required. Kiva is an easy group to work with and they really want to help poor and underprivileged people and communities get financing.
Visit this website to find out what grants are available in your state. GrantWatch has a thorough listing of all nonprofit and for-profit grant opportunities, including corporate grants offered by big companies.
The great thing about GrantWatch is that it is highly local. Search on or click on your state and you may find small business grants and low-interest loans focused on your community.
Here is a place to find more than 600 community foundations located in all 50 states. They have compiled funds to assist small businesses that were set back by the COVID-19 pandemic.
Community Foundation has amassed more than $1.3 billion to help every community in every corner of every state. They have already disbursed $853 million and more funds are consistently becoming available.
You can go to the Community Foundation website to get a full listing of verified funds state by state.