TruFund COVID-19 Relief Fund

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:

  1. Has been operating since August 2019;
  2. Can demonstrate economic injury caused by COVID-19; and
  3. Is located in New York, Alabama, Louisiana, or Texas

• For more information about this Fund, click here.
• If interested, fill out this survey and TruFund will contact you via email.

The Red Backpack Grant Fund

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: Applications will next be open from August 3-10. To sign-up for an email notifications on when applications are reopening, click here.

A business is eligible for this grant program if it:

  1. Is primarily women-owned;
  2. Has annual revenues less than $5 million;
  3. Has 1-49 employees on staff; and
  4. Can demonstrate that COVID19 has caused economic
    hardship.

For more information about the Red Backpack Fund, click
here
.

GoFundMe Small Business Relief Initiative

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.

Mainvest’s Main Street Initiative

Your business can start a crowdfunding campaign with Mainvest, and you may be eligible to receive a $2,000 interest-free loan, in addition to any funds raised by the crowdfunding campaign.

  • For find more information about this loan, create a page for your business, and/or launch your crowdfunding campaign, click here.

Honeycomb Crowdfunded Small Business Relief Loan Program

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.

Hebrew Free Loan Society’s Coronavirus Financial Impact Loan

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:

  1. Reside in New York City, Westchester, or Long Island
  2. Meet certain income limits established by the Hebrew
    Free Loan Society

For more information about this loan program, click here.

Apply for this loan here.

Kiva InterestFree Loan Program

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:

  1. The business owner and the business are located in the
    U.S.; The business owner is over the age of 18;
  2. The loan will be used for business purposes;
  3. The business is not engaged in multi-level marketing or direct sales, illegal activities, or purely financial investing;
  4. The business owner is not in foreclosure or bankruptcy; and
  5. 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

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).

COVID-19 Business for All Grants

Hello Alice with the support of Verizon, Silicon Valley Bank, Ebay, and others is offering $10,000 emergency grants, being distributed immediately to small business owners impacted by this pandemic. If your business has been severely impacted by COVID-19, please complete the full COVID19 Business for All Grant application to apply for immediate support in the form of $10,000 grants. Click here to apply or contact alice@helloalice.com​ with any questions. 

Bronx Business Continuity Loan (BBCL)

The Bronx Overall Economic Development Corporation (BOEDC) and the Office of the Bronx Borough President has established the Bronx Business Continuity Loan (BBCL) to help sustain businesses through the Covid19 pandemic. The use of these funds will provide local emergency business financing and bridge loan funding until government contingency financing is in place.

Eligible Companies:
For-profit entities, including service, retail and manufacturing companies operating in the Bronx and nonprofit organizations in the Bronx.

Eligible Uses:
– Payroll expense
– Commercial Mortgage / Rent
– Equipment lease options
– Insurance premium expense
– Misc. business discontinuance expense

More information, visit the BOEDC’s Facebook page or contact BOEDC’s Loan Officers:
Rafael Roger at rroger@boedc.org or 347-524-4739
Pedro Barry at pbarry@boedc.org or 347-297-0071