Brooklyn minority-owned small businesses have until Friday, Nov. 6, to apply for $10,000 coronavirus relief grants.
The grants are part of Local Initiatives Support Corporation’s NYC Small Business Relief and Recovery Fund, and are targeted at businesses that have faced challenges to their survival because of the COVID-19 pandemic.
To be eligible for the fund businesses must be located in New York City, minority-owned, have fewer than 20 employees and have an annual revenue less than $500,000.
Priority is being given to businesses in low to moderate income neighborhoods and funds can be used on payroll, rent, overheads, marketing, upgrades to technology and infrastructure, employee training and related costs.
LISC has partnered with community based organizations to deliver the grants to hard hit businesses. The CBOs will be conducting outreach to assess businesses’ eligibility and to help with applications.
In Brooklyn, CBO partners include: Bedford Stuyvesant Restoration Corporation; Bridge Street Development Corporation; Brooklyn Navy Yard Development Corporation; and Cypress Hills Local Development Corporation.
Through a partnership between LISC NYC and the city’s Department of Small Business Services the organizations will also be providing free business support resources, including how to follow new regulations, information on accessing legal services, additional financial resources and training and mentorship opportunities.
To learn more about the recovery fund click here or email LISC NYC’s community development officer here.