Category: COVID19 Business Resource
TruFund has launched a $5 million Relief Fund primarily in support of women and disadvantaged minority business owners. The Fund offers grants of up to $10,000 and low-interest (3%) loans of up to $75,000, payment of which may be deferred for 9-12 months.
A business is eligible if it:
- Has been operating since August 2019;
- Can demonstrate economic injury caused by COVID-19; and
- Is located in New York, Northern New Jersey, Alabama, Louisiana, or Texas
Reclamation Ventures has initiated a Wellbeing Relief Fund offering unrestricted grants covering one month of missed revenue (up to $2,500) for wellness (yoga) spaces and instructors that represent underestimated communities.
Applications will be accepted through April 30, 2020.
The Spanx by Sara Blakely Foundation has created the Red Backpack Grant Fund, which offers 1,000 grants of $5,000 each to female entrepreneurs in the U.S. Recipients will also receive a “lucky” red backpack and a free annual all-access pass to 80+
MasterClass instructors (providing entrepreneurship classes).
NOTE: The first round of applications opened on April 6 and closed on April 12. Additional applications will be accepted on May 4, June 1, July 6, and August 3.
A business is eligible for this grant program if it:
- Is primarily women-owned;
- Has annual revenues less than $5 million;
- Has 1-49 employees on staff; and
- Can demonstrate that COVID19 has caused economic
For more information about the Red Backpack Fund, click
Sign up to be notified when the application reopens.
Business owners whose businesses have been affected by the COVID-19 pandemic can create a fundraiser for their business on GoFundMe. If the fundraiser raises $500 or more, eligible businesses may be entitled to a $500 matching grant from the
Small Business Relief Initiative created by GoFundMe.
NOTE: If you start a GoFundMe campaign, be sure to include the hashtag #SmallBusinessRelief in your fundraiser story.
More information about the Small Business Relief Initiative can be found here.
Honeycomb Credit has created a Small Business Relief Loan Program for small businesses impacted by the COVID-19 pandemic. The Program offers two loan options for eligible small businesses. Option 1 offers loans of $10,000- $50,000, with a 45-day payment-free period, 3.75% interest rate over the initial 6-month period, and 5% interest rate over a 3-year fully amortizing loan period (after the initial six months). Option 2
offers loans of $10,000-$25,000 with a 45-day payment-free period, 3.75% interest rate over the initial 6-month period, and 7.5% interest rate over a 3-year fully amortizing loan period (after the initial six months). If you do not qualify for either
of these options (or require more than $50,000), you can fill out their application and see how they can help you out.
For more information about this Program and to apply click here.
The Hebrew Free Loan Society has created the Coronavirus Financial Impact Loan, which offers interest-free loans of $2,000-$5,000 to New York City residents meeting eligibility requirements. The loans will be repaid over a 20-month period
starting in July 2020.
Eligible small business owners:
- Reside in New York City, Westchester, or Long Island;
- Meet certain income limits established by the Hebrew
Free Loan Society
For more information about this loan program, click here.
Kiva is offering interest-free loans of up to $15,000 to small businesses meeting eligibility requirements. Loan payments can be deferred for up to 6 months.
Small business owners are eligible for the Kiva Loan if:
- The business owner and the business are located in the
U.S.; The business owner is over the age of 18;
- The loan will be used for business purposes;
- The business is not engaged in multi-level marketing or direct sales, illegal activities, or purely financial investing;
- The business owner is not in foreclosure or bankruptcy; and
- The business owner is willing to demonstrate social capital
by having a small number of family and friends make a loan to him or her.
More information about the Kiva Interest-Free Loan can
be found here.
Apply for the Kiva InterestFree Loan here.
FundRocket is offering small businesses interestfree loans in the amount of $1,000, which may be used to cover any of the business’s expenses. Money will be made available immediately after sign-up, and typically will be deposited into your business bank account within 1 day. Repayment of the loan will vary depending on the business’s sales. If the business has no sales in a given week, it will not be required to pay anything for that week. If the business does make sales during a given week, FundRocket will automatically begin withdrawing 10% of the sales (up to $100) starting two weeks after the initial $1,000 is deposited into your business bank account, until the loan is repaid in full.
Any U.S. business with a business bank account is eligible to apply.
More information about the FundRocket Stimulus 2020 Loan can be found here.
Apply for a FundRocket Stimulus 2020 Loan here (note: you will need to create a Womply account in order to apply, and you will need to connect that account to your business bank account in order to receive the funds).