Bank of America launches grants to support underserved businesses in select cities

Home loans can dramatically improve opportunities for entrepreneurs. But they have not always been accessible to everyone. Those with poor credit, those in underserved communities, and those struggling to find down payment funds often face additional hurdles in starting a business. That’s exactly why Bank of America is launching a new program for small businesses looking for new retail space. Check out this opportunity and other small business grants below.

Bank of America Small Business Down Payment Grant Program

Bank of America is proof small businesses through its Small Business Down Payment Grant program. The program aims to support growth opportunities and create generational wealth for women and minority business owners. Currently, the program is only available in select markets, including Opportunity Zones in Atlanta, Chicago, Charlotte, Dallas and Los Angeles, with plans to expand in 2023. Eligible businesses will have increased access to loans commercial real estate and will have the ability to apply for down payment grants that cover up to half of these expenses, with a cap of $25,000.

Montgomery County Small Business Rental Assistance Grant Program

Montgomery County, Maryland is offer another round of rental assistance funding to support his local small businesses. Eligible businesses that have been negatively impacted by the pandemic can apply for up to $10,000. The program specifically supports businesses in the retail sector, such as gift shops and small gyms that did not receive funding in the first round of the program last year. This round includes total funding of $2 million. September 30 is the deadline to apply.

Wisconsin Miscellaneous Business Assistance Grant Program

The state of Wisconsin is providing funds for a statewide grant initiative to support various small businesses. This is the second round of funding for the Diverse Business Assistance Grant program. The governor has committed $15.7 million to this cycle of the program, which targets rural, veteran-owned and LGBT businesses that have been disproportionately impacted by the pandemic. The program is funded by the American Rescue Plan Act. And the grants will be distributed through various nonprofit groups and organizations throughout the state.

Enfield ARPA Small Business Grant Program

Enfield, Conn. is preparing to unveil its ARPA Small Business Grant Program. The program will provide one-time direct financial assistance to eligible small businesses still recovering from the pandemic. The city has earmarked $250,000 for the program, which comes from Enfield’s allocation of funds from the American Rescue Plan Act. City Council and the Economic Development Commission are still working out the details of the program. And then they will launch an information campaign in September to educate businesses and the public about the program. Currently, October 1 is the targeted launch date for the program.

Detroit means business

east detroit attribute $9 million to support small businesses recovering from the pandemic. Detroit Means Business is a small business services initiative that is part of the Detroit Economic Growth Corporation. Through this grant program, Detroit Means Business will distribute direct financial assistance and other support services to eligible small businesses. Funding for this program comes from the city’s share of American Rescue Plan Act funds. The initiative will include $2 million in loans and grants, $3 million in debt repayment assistance and $2 million in direct support services such as workshops, seminars and technical assistance.

California Drought Relief Grant Program

California recently assigned $75 million in funding for a new drought relief grant program. The program will support small agricultural enterprises, especially those that support production agriculture. In addition, 20% of the funds are allocated to small gross income or gross profit in 2022, compared to 2019, which was the last normal year of planting. Grants can provide between $60,000 and $100,000, depending on the amount of drought-related losses. The agricultural businesses concerned must have 100 employees or less to be eligible for the program.

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