New City Fund to Assist Small Businesses
The City of Columbus and JP Morgan Chase have recently partnered to create the Columbus COVID-19 Small Business Response and Recovery Fund. This is a loan and grant program created to help small businesses in Columbus get through the challenges of COVID-19. The funding comes from $5.5 million Columbus received through the CARES Act, as well as $250,000 contributed by Chase to assist in providing technical assistance.
The fund is focused on low and moderate income areas, and provides funding in three ways:
Recovery Grants
Applicants may apply for up to $10,000 in Recovery Grants. These are used to help small businesses maintain existing existing operations and jobs.
Return Safely Grants
Applicants may receive up to $5,000 in Return Safely Grants. These are used to help small businesses purchase PPE and make improvements needed to reopen in a safe and responsible manner.
Pivot Loans
Applicants may apply for Pivot Loans of up to $20,000. These low interest loans are intended to help small businesses maintain existing operations and jobs, as well as creating new jobs and making capital investments.
“The City of Columbus and partners are stepping up to lend a helping hand so folks can make it to the other side of the COVID recession,” said Council President Shannon Hardin. “The design of these grant and loan funds is intentional to reach businesses that may not have been able to access larger programs. We’ll measure, track and improve these funds to ensure these dollars are truly serving this community.”
The Columbus COVID-19 Small Business Response and Recovery Fund will open on June 9th, 2020 at 5 PM. Applications will be accepted until July 17th, 2020 at 5 PM.
For information on how to apply, visit www.columbus.gov/development/Economic-Development/Small-Business or call the Office of Small Business and Entrepreneur Development at 614-645-8616.