The City of Lockport, having been awarded supplemental Community Development Block Grant (“CDBG”) funding, charged the Greater Lockport Development Corporation (GLDC) with establishing the “Lockport Small Business Restoration Fund.”
Donor Name: City of Lockport
State: New York
City: Lockport
Type of Grant: Grant
Deadline (mm/dd/yyyy): 05/20/2022
Size of the Grant: $10,000 – $50,000
Details:
This fund will be used to provide grants to eligible small businesses in the City of Lockport to assist such businesses in responding to, and mitigating the impacts of, COVID-19.
“The Lockport Small Business Restoration Fund” will provide grant funds to businesses that will be expanding or reestablishing business operations as COVID-related restrictions are reduced or lifted.
The Fund will be used to provide grants to eligible businesses that were negatively impacted by COVID-19 in an effort to support customer and staff safety, improve and expand business operations, and improve business resiliency. Program funds may be used towards most business expenses including, but not limited to: financing fixed assets, operating expenses, and permanent working capital.
Funding Information
The minimum grant available is $10,000 and the maximum grant available is $50,000.
Eligible Use of Fund
Eligible uses of grant funds must fall into one of the following categories:
- Expenses related to reopening or altering operations,
- Payroll to bring back staff or increase staff hours,
- Inventory to assist with reopening or altered operations,
- Working capital to assist with cash flow disruptions as a result of the pandemic,
- Equipment or supplies such as PPE to support customer and staff safety,
- New furniture or fixtures to guide social distancing, allow or expand outdoor dining, and safely increase capacity,
- Marketing to announce reopening and/or altered operations.
Eligibility Criteria
- Businesses must have a brick-and-mortar location within the City of Lockport.
- Home-based businesses and not-for-profit organizations are NOT eligible.
- Businesses must have between 6-25 employees at the time of the application.
- Recipients must commit to investing at least 25% of the total project cost in the form of cash equity.
- Any business receiving a Lockport Small Business Restoration Fund grant is required to create, restore, or retain at least 1 full-time equivalent job.
- The assisted business must have been negatively impacted by the effects of COVID-19 and must be able to effectively document such an impact by submitting appropriate financial documentation.
For more information, visit Lockport Small Business Restoration Fund.
