Today Mayor Jenny A. Durkan announced that the City will now accept applications for $4 million in new Small Business Stabilization Fund grants provided by the Office of Economic Development (OED). The Small Business Stabilization Fund will accept applications from Monday, November 9 until Monday, November 30, 2020.
To be eligible for a grant, a small business or non-profit must have 25 or fewer employees, be located within Seattle city limits, and have an annual net revenue at or below $2 million. Non-profits must explicitly provide economic opportunity supports through education programs and/or job training. In an attempt to prioritize funding to businesses that are more likely to have experienced the greatest economic impacts, OED will ensure that at least two-thirds of grant recipients will be selected from applications from businesses with five or fewer employees and from areas that are identified as high risk of displacement or highly disadvantaged. Those areas are determined by several socioeconomic factors to identify areas of the city that have been historically underserved and more likely to be disproportionally impacted by economic shocks. This fund also aims to better support creative industry small businesses and workers and will specifically allocate 10 percent of all grants—or 24 grants—to creative industry small businesses. All businesses and non-profit organizations that receive a grant must commit to not reducing wages and benefits provided prior to the COVID-19 emergency. For more information on all eligibility requirements, visit OED’s website.
To assist small business owners in preparing the information necessary to apply for a grant, OED will host two webinars during the application period. The webinars will take place:
- Thursday, November 12, 12-1 p.m.
- Wednesday, November 18, 12-1 p.m.
Interested community members can register for an SBSF information session here. In addition, OED staff are available to provide in-language assistance to small business owners. To request in-language assistance, a business owner can email email@example.com or call 206-684-8090 and leave a voice mail with the following information:
- Your name
- Phone number
- The language you need in English
- What support you need
Learn more about the Small Business Stabilization Fund, or click here to begin the application.