The City of Buffalo seeks to provide immediate relief in the form of grants, access to legal advice and other professional assistance, that could help minority-owned small businesses respond to the pandemic and protect their employees. Expanding the reach of these services within the community is a critical component to ensure that funding and services provided to small businesses will have the greatest impact.
Donor Name: City of Buffalo
State: New York
City: Buffalo
Type of Grant: Grant
Deadline: 11/22/2022
Size of the Grant: $1,000,000
Details:
The pandemic impacted businesses of all sizes, however, the smallest businesses, particularly those with annual revenues less than $250,000, were significantly less likely to apply to the US Small Business Administration Paycheck Protection Program.
There are several non-profit organizations within the City of Buffalo that aided impacted minority small businesses throughout the pandemic and continue these efforts as the small business community and local economy recovers from the pandemic’s economic toll. The City of Buffalo will utilize funding from the American Rescue Plan Act to provide additional financial assistance to small businesses to further their recovery efforts.
This project shall dedicate funding to one (1) or more non-profit organization(s) in award(s) of no less than $1,000,000 that provide services to the minority business community. Services include, but are not limited to:
- Flexible grant funding support for minority-owned businesses;
- Financial support for coaching, mentoring, technical assistance, capital improvement grants, business improvement grants, and start-up company grants/support.
Eligibility Criteria
- Applicant must be a qualified non-profit organization (registered 501(c)3 under the IRS tax code) located within the City of Buffalo.
- Services must be for the benefit of minority businesses located in the City of Buffalo and serving primarily City of Buffalo residents.
- No more than 15% of funds requested shall be allocated to cover administrative costs
- Must be prepared to receive funding and initiate program by no later than December 31, 2024.
- Must fully disburse funding and complete program tracking, monitoring, and reporting by no later than December 31, 2026.
Key Performance Indicators (KPIs)
- Number of jobs created
- Number of jobs retained
- Number of new businesses created
- New business square footage added to the area
- Number of businesses served with technical assistance (legal, accounting, marketing) within the City (new locations)
- Sales tax generation for the City/County
- Number of new MBE contracts initiated
- Number of businesses expanded within the City (new locations)
For more information, visit Minority Owned Business Assistance.
