This text first appeared on the Enterprise Journals’ website.
The Small Enterprise Administration is extending the deadline on a $100 million grant program designed to attach small companies with SBA help and applications.
The ‘Neighborhood Navigator Pilot’ Program will provide grants of $1 million to $5 million to eligible organizations to supply counseling, networking and to function a casual connection to company assets to assist small companies get better from the financial devastation wrought by the COVID-19 pandemic.
However the unique deadline to use for these grants was July 12 — which has now been prolonged to July 23. The company anticipates making awards below this system in September.
“This program is designed to empower a hyperlocal method by way of a nationwide community of group navigators who’re on the bottom really connecting, empathizing, and tailoring options for our small companies throughout crucial restoration,” mentioned SBA Affiliate Administrator for the Workplace for Entrepreneurial Improvement Mark Madrid in a press launch saying the deadline extension. “This daring effort underscores our company’s dedication to advance fairness and bolster an ecosystem through which small companies proceed to use for the various suite of SBA assets, providers, and/or applications all through varied levels of enterprise restoration, development, scale, and/or maturity.”
The last word aim of the grant program is to assist revitalize small companies by way of a “hub-and-spoke” mannequin through which a hub might be on the middle of a sequence of spoke organizations that use group advocates to work with small companies to get better from COVID-19 and higher join with minority, veteran and women-owned small companies.
“Inclusion and entry proceed to be among the many most necessary priorities for aiding small enterprise by way of restoration. Our underrepresented, girls and Native American companies want our help now to develop and strengthen our financial system, mentioned SBA Assistant Administrator for the Workplace of Girls’s Enterprise Possession Natalie Madeira Cofield in a press launch.
This system will run for 2 years, beginning on September 1, 2021, and lasting till August 31, 2023. Eligible organizations embrace state and native governments, financial growth organizations, small enterprise growth facilities, nonprofit faculties and universities and Neighborhood Improvement Monetary Establishments, amongst others.
organizations can go right here to study extra about this system and how you can apply.
The brand new grant program was accepted by Congress earlier in 2021 as a part of the American Rescue Plan Act of 2021, and comes after criticism that the preliminary wave of COVID-relief funding for small companies, offered by the Paycheck Safety Program and others in 2020, went to well-connected companies higher capable of entry monetary providers and never these hardest hit by the pandemic.
In 2021, the Biden Administration has made coverage adjustments and tweaks to numerous COVID-relief applications, together with particular set-asides within the PPP for smaller, community-oriented lenders, in addition to adjustments to permit the smallest companies to get bigger loans below this system.
The Restaurant Revitalization Fund included a 21-day precedence window for grants to socially and economically deprived eating places, though SBA suffered a sequence of court docket rulings that ended that window, leaving hundreds of small companies with out restaurant grants.