Raleigh, NC – The City of Raleigh government has partnered with Carolina Small Business Development Fund (CSBDF) to provide grant funds for qualifying small businesses that have been adversely impacted by the pandemic.
“Raleigh is home to more than 33,000 small businesses, making them a significant force in our local economy,” said Mayor Mary-Ann Baldwin. “The creativity, innovation, and unique niches they fulfill contribute tremendously to our City and the quality of life we enjoy. The City Council and I are grateful to the Carolina Small Business Development Fund for its leadership and for partnering with us to support our small business community. It is critical that we collaborate and work together to help them survive this crisis.”
CSBDF, a statewide nonprofit lender, serves as the primary capital provider for small businesses applying for the grant funds and collaborates with the City of Raleigh through all phases of the application process.
“We’re excited that the City of Raleigh has joined in our efforts to provide small businesses with some relief during this difficult time. Small businesses are the economic engines of our economy and it is important to help them as much as we can. Jobs are retained and created, great places are sustained because of the character and the vibrancy of their small businesses and sales tax dollars flow to our state and local governments in order to help them provide basic health and safety services. When small businesses can survive first and then thrive, we all benefit. Kudos to the City leaders and the Economic Development staff for their foresight and forethought – we are ready to work with them to make this program a success,” said Kevin Dick, President & Chief Executive Officer of CSBDF.
The Raleigh Small Business COVID-19 Relief Fund
The Raleigh Small Business COVID-19 Relief Fund was established to support small businesses located in Raleigh, NC, affected by COVID-19. The City of Raleigh has committed $1 million to this fund, of which CSBDF will receive $850,000. Small businesses can apply for grants up to $10,000. Funds may be used to cover the day-to-day operating expenses of the business and will be distributed on a first-come, first-served basis.
- Business is located in Raleigh
- Business with 49 employees or less
- Business is locally and independently owned
- Business must be a storefront
- Business has experienced at least 25% decline in revenues due to COVID-19 between January 1, 2020, and March 31, 2020
- Business annual revenue of less than $2.5MM as of latest completed Business Tax Returns
- Business has not filed for bankruptcy
- Business does not have any open tax liens
- Business does not have current open judgments
Wake Tech will receive $65,000 from the city for businesses with fewer than 14 employees. Applicants going through the college would need to have previously worked with its small business center or Launch Raleigh, which focuses on woman- and minority-owned businesses.
The online application for the Raleigh Small Business COVID-19 Relief Fund will be made available at www.carolinasmallbusiness.org in the next coming weeks.
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Carolina Small Business Development Fund fosters economic development in underserved communities through access to capital, business services, and policy research. Since 2010, the nonprofit CDFI has invested more than $63.7 million through 769 loans to small businesses across North Carolina helping to create or retain more than 2,602 jobs. For more information, visit www.carolinasmallbusiness.org
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