Applications are being accepted through July 31 for the City of Charlotte’s $30 million grant program intended to help small businesses affected by the coronavirus pandemic.
The Access to Capital Small Business Recovery grants program is another lifeline offered through the city’s Open for Business initiative to support Charlotte-based small businesses as the economy reopens. The program was created using part of the $154.5 million coronavirus relief funding provided to the city through the CARES Act.
How it works
The program will distribute $15 million to microbusinesses — those with five employees or fewer — and another $15 million to small businesses with six to 25 employees. Microbusinesses are eligible for grants up to $10,000, while small businesses can receive grants up to $25,000.
Checks will be issued June 30, July 6 and August 3, for eligible businesses to use for any of four purposes:
- employee salaries/benefits
According to city officials, the program focuses on diversity by randomly selecting applications for review based on geography rather than a first-come, first-served basis. However, priority will be given to businesses that haven’t received previous relief funding.
Who is eligible?
To qualify, a small business must:
- be headquartered within city limits and established before Jan. 1, 2020.
- employ 25 or fewer employees (including part-time, if reported on company’s W-3).
- generate at least $30,000 in annual revenue but no more $2 million.
How to apply
Foundation For The Carolinas is administering the program. Business owners can apply through the foundation website at fftc.org/CLTcitygrant until 5 p.m. on July 31.