DCED announces Statewide Small Business Grant Funding
The Carlisle Area Chamber is excited to announce that the new Statewide Small Business Grants from the DCED will be open June 30th for applications. This new funding program is $225 million for businesses impacted by Covid-19. We encourage you to read this very helpful small business assistance fact sheet: https://dced.pa.gov/download/covid-19-small-business-assistance-factsheet-2020/?wpdmdl=95154
Here are the things you need to know:
- The first round of applications will open on June 30th and will stay open for 10 business days. This program is not first come first serve; they will review all applications received in that 10-day period before making awards. The program will reopen for at least 2 more rounds, so there will be additional chances if you can't apply right away.
- To qualify, businesses must have under $1 million in annual revenue, 25 or fewer full-time employees, and be compliant on state and federal taxes or on a payment plan.
- Priority will be given to businesses owned by people of color, located in low-to-moderate-income neighborhoods, or in industries especially hard-hit by the pandemic. This includes healthcare, childcare, personal care (barbershops, salons, etc.), and restaurants.
- To apply, you will need a copy of your most recent federal tax return (2018 or 2019), a recent bank statement, and either your business license, a professional license, or your articles of incorporation. You should also have a sense of how much revenue you've lost during COVID-19 as compared to this time last year. If you're hoping to apply in the first round, start gathering these documents now in order to avoid delays.
- Applications must be submitted through a Community Development Financial Institution (CDFI). You can find the full list of participating CDFIs here. All applications will go into the same pool and be reviewed together, so there is no advantage to working with a particular CDFI; however, many can offer you assistance with putting together your application.