Small businesses almost everywhere in the world are struggling from COVID-19‘s economic impact. In the U.S., merchants have a number of financing options for their businesses. This refers to both government-backed and alternative options. If you’re interested in small business grants or some financial relief, keep on reading the lines below.
Small Business Grants in Different States
You must be well aware of the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), and the SBA Express Bridge Loans. Let’s look at some business funding opportunities in different states.
Have you heard that the Grays Harbor County Commissioners have given approval to a Small Business Grant Application for local companies? Under the CARES Act, the initial funds offered by the program make up $500.000, and $10.000 is the grant maximum that each business can receive.
The grant program from the New Jersey Economic Development Authority (NJEDA) is one of the options offered for:
- Small businesses and mid-sized businesses (no interest is required)
- For lenders in the private sector and Community Development Financial Institutions (CDFIs)
Another option is provided by the Michigan Strategic Fund Board. The amount makes up $100 million and aims to support small businesses to sidestep the challenges caused by COVID-19. The financing is provided under the CARES Act.
And the list goes on.
Alternative Options for Businesses Hit by COVID-19
COVID-19 has already resulted in massive dislocation among small businesses. The impact on small businesses was already vivid just several weeks after COVID-19’s. To stay afloat, merchants can apply for different financing options.
If you need an alternative option instead of a federally-backed one or you can’t qualify for the latter, consider applying to a reputable alternative online lender like FirstAmericanMerchant.com. FAM is an award-winning business funding provider and processor that specializes in the high risk space and can best help merchants interested in small business grants.
So, since February 2020, the number of U.S.-based active business owners has dropped by 2.2 million (15%).
The economic crisis caused by COVID-19 on small businesses is devastating. Thankfully, there are funding options you can get to overcome the financial fragility.