Micro businesses that are not located in Manchester, Portsmouth, Dover, Rochester, or Nashua, can now apply for COVID-19 grants up to $2,500 from the Regional Economic Development Center (REDC) in Raymond to help with expenses such as payroll, benefits, utilities, rent, supplies, repairs, and other operating expenses. REDC expects 80 micro enterprise beneficiaries to receive funding from this program.
The mission of the CDBG-CV Microenterprise Direct Grant Program, which REDC is administering on behalf of the Community Development Finance Authority (CDFA), is to cover costs associated with preparing for, responding to, or recovering from the COVID-19 pandemic for microenterprise businesses based on need. A microenterprise business is defined as a for-profit commercial enterprise that has five or fewer employees, of which one or more owns the enterprise. Many of the grantees will be restaurants, food trucks, gyms, independent retailers, and personal care businesses, which are among the hardest hit industries, though all industries are welcome to apply.
Grant funds may be used for working capital to cover business costs, such as rent, staffing, utilities, personal protection equipment (PPE), as well as stabilization of the business. CDBG-CV Microenterprise Direct Grant funds may not be used for major equipment purchases or construction activities.
Laurel Adams, President of REDC stated, “We are honored to support small businesses in our state with grant money that can make a difference while they are responding to or recovering from the COVID-19 pandemic. We also provide free technical assistance to entrepreneurs as well, with business advising, strategic planning, and design and marketing services, which will further assist small business owners during this unprecedent time.”
REDC still has funds remaining. Applications will be accepted on a rolling basis until the funds run out. Interested businesses are encouraged to contact REDC for additional information to determine if they qualify at 603-772-2655, email@example.com, or through REDC’s website: www.REDC.com.