Aiming to boost small businesses in underserved communities in East Baton Rouge Parish that have taken a financial hit during the pandemic, city-parish officials today announced the creation of a $1 million microgrant program.
The Resilient Restart EBR Program will support small business owners who are classified as low-to-moderate income individuals based on HUD guidelines as well as business owners who own and operate a business in a low-to-moderate income census tract in the parish. Special consideration will be given to eligible minority-owned, women-owned, veteran-owned, and veteran service-disabled-owned firms.
“Small businesses and microenterprises account for nearly 80% of our local economy and employ many of our residents,” says Mayor Sharon Weston Broome in a prepared statement. “The coronavirus pandemic placed an unprecedented financial burden on our businesses—many did not receive federal assistance from the Payroll Protection Program or SBA Loans. Through the collaboration of leaders in our community, we were able to join together and create a program to offer assistance to our small businesses when they need it most, and without the burden of repayment.”
Qualifying microenterprises and small businesses will receive a one-time grant of $2,500. The grant funds can be used for rent, utilities, inventory, accounts payable, fixed costs, employee wages and benefits.
Money for the program comes from coronavirus aid funding through the Department of Housing and Urban Development’s Community Development Block Grant Program, the Louisiana Office of Community Development, Investar Bank, GMFS Mortgage, Urban League of Louisiana and Postlethwaite & Netterville.
Along with the funds, microgrant recipients will have free access to entrepreneurial support services through the Urban League of Louisiana’s Center for Entrepreneurship & Innovation. Services include small business education, one-on-one business counseling, comprehensive business planning and support, loan packaging and business certifications.
See the full eligibility requirements and program applications at urbanleaguela.org/restartebr.
