COVID-19 Racial Equity and Inclusion Grant. The Multicultural Subcommittee of Utah's COVID-19 Task Force is offering a $1 million grant program to organizations that serve the basic needs of multicultural communities, which have been disproportionately impacted by the pandemic.
Racial Equity and Inclusion Grants of up to $50,000 will be provided to organizations in Utah who will offer emergency basic needs assistance to multicultural communities, including but not limited to utilities, rent, transportation, food assistance, and case management. LEARN MORE.
Main Street Lending Program. The Federal Reserve established the Main Street Lending Program to support lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. The program opened on Tuesday, July 28.
Interested businesses and nonprofits will work with an eligible lender to determine if they meet the program requirements, as well as the lender's own underwriting standards. The lender will determine approval for a loan. CLICK FOR LIST OF LENDERS.
PPP Application Deadline is Approaching. The application deadline for the Paycheck Protection Program (PPP) is this Saturday, August 8, 2020. All businesses - including individual contractors and sole proprietors - are encouraged to apply if they have not yet done so. One-on-one assistance is available through the state's Rapid Response Team (RRT). Click here to submit a help request to the RRT.
In the latest episode of the Business Elevated Podcast, the Governor's Office of Economic Development's Ryan Starks interviews World Trade Center Utah's David Carlebach about some of the lesser-known elements of the PPP, including common points of confusion and how the loan can evolve into a grant. To learn more, listen to the podcast here.
Additionally, the Economic Injury Disaster Loan (EIDL) program will remain open and will continue to offer low-interest loans to businesses impacted by COVID-19. Every eligible small business and non-profit is encouraged to apply to get the resources they need. Click here to apply for a disaster loan.
Community Development Financial Institutions (CDFI) Fund. The CDFI's mission is to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders, investors, and financial service providers.
There are four main types of CDFIs, each providing a different mix of products geared to reach specific customers.
* Community development banks, thrifts and bank holding companies are regulated for-profit corporations that provide capital to rebuild economically distressed communities through targeted lending and investment.
* Community development credit unions are regulated non-profit cooperatives owned by members that promote ownership of assets and savings and provide affordable credit and retail financial services to low-income people.
* Community development loan funds (usually non-profits) provide financing and development services to businesses, organizations and individuals in low-income urban and rural areas and can be further categorized based on the type of client served: micro-enterprise, small business, housing, and community service organizations.
* Community development venture capital funds include both for-profit and non-profit organizations that provide equity and debt-with-equity features for businesses in distressed communities. MORE INFO HERE.