18 Jun KENT COUNTY SMALL BUSINESS RECOVERY PROGRAM
KENT COUNTY SMALL BUSINESS RECOVERY PROGRAM
The COVID-19 crisis is devastating the fabric of our local business community. Kent County is built on the backbone of entrepreneurship and small business, and the Kent County Small Business Recovery Program is aimed at delivering short–term financial support to small businesses with the goal of supporting a strong economic recovery.
Who is the fund intended for?
This fund is focused on using Coronavirus Relief Funds provided under the CARES Act to support for-profit businesses with 0-25 full-time equivalent employees located in Kent County.
What is the purpose of the fund?
This fund helps businesses that have not been able to access, or have been declined for local, state, or federal relief funds, or need additional support to weather this crisis. We are focused on businesses that may be dealing with additional barriers including but not limited to language, general business knowledge, and from underserved communities. Consistent with the limitations of the CARES Act, these businesses also must have been directly impacted and experienced losses due to business interruption due to COVID-19. All distributions of funds are subject to the requirements of the CARES Act and Treasury Department guidance on the use of Coronavirus Relief Funds.
What does the fund provide?
Businesses that qualify for this fund will receive: A short-term economic relief grant ranging from $5,000, $10,000, $15,000 or $20,000 depending on size of business, operating costs, and additional scoring metrics.
- Business size will be categorized as:
- 0-5 employees
- 6-15 employees
- 16-25 employees
- Technical Assistance
- Cost Cutting Measures
- Reviewing creditor/obligation recommendations (deferments and loan re–aging)
- Connections to other resources
- Six-month cashflow projection and analysis with a business consultant
- Must be a private, for-profit business located and registered in Kent County with 25 employees (FTEs) or fewer
- Must have been directly impacted and experienced losses due to business interruption due to COVID-19.
- Must have a business start date prior to 2/15/2020
- The first wave of applications will be for those that have not previously received COVID-19 related aid
Questions? Please contact: firstname.lastname@example.org