In partnership with City Council, Mayor Jim Strickland announced today that applications for the City of Memphis Small Business Stabilization Grant Initiative are open and ready for submissions.
“The impacts of COVID-19 have been felt by everyone, but our small businesses are some of those hit hardest by this pandemic,” Mayor Strickland said. “With these grant funds, we’re hoping to help these businesses to bridge the gap as we all work to get through this.”
The City of Memphis Small Business Stabilization Grant utilizing CARES ACT funds will provide economic relief to small businesses suffering substantial economic injury. Funding can be used to pay for the costs of business interruption, working capital and business recovery challenges, as well as, cover costs associated with reopening safely and in accordance with the Shelby County Health Department guidelines.
Grants will average an estimated $10k to $25k (depending on the number of employees) but can be no more than 25% of annual business revenue except for businesses physically located within the Memphis 3.0 anchor land use area. Business revenue cannot exceed $3 million. The physical business location and the owners’ primary residence must be located with the City of Memphis limits.
Joann Massey, Director for the City of Memphis Office of Business Diversity & Compliance and her staff, will oversee the administering of the initiative. The application is available online at www.memphisbdc.org/grants. All applications must be submitted completely and with any additional documents that must be processed. Applications will only be accepted via email and cannot be hand delivered. Incomplete applications will not be processed. Grant award is not guaranteed.
For more information contact OBDC at 636-9300. Applications will be accepted until December 23, 2020 or until funds are exhausted. There are no fees to apply and free resources through OBDC are available to assist you with the application process.