The Cherokee Office of Economic Development is accepting applications for its Small Business Grant Program.
Donor Name: Cherokee Office of Economic Development
State: Georgia
County:
Cities: Ball Ground, Canton, Holly Springs, Nelson, Waleska or Woodstock
Type of Grant: Grant
Deadline: 04/30/2023
Size of the Grant: up to $30,000
Details:
Cherokee County has again prioritized supporting small businesses by allocating $1,000,000 to the Small Business Grant Program. They were so pleased to grant $500,000 in Round One to 35 incredible small businesses that persevered through the challenges of the pandemic. Based on demand, they have chosen to open up the second round of funding now, rather than wait until 2024 as originally planned. While they do already have a queue of applicants that rolled from Round One, they are able to open the Grant Portal for a two week period to additional applicants in this second round of funding, representing the remaining $500,000. This funding, from the American Rescue Plan Act (ARPA), will provide financial assistance to local small businesses negatively impacted by the pandemic.
Per ARPA legislation, eligible small business will:
- have suffered a demonstrable negative economic impact from the pandemic;
- have no more than 500 employees or, if over 500 employees, meet the size standard in number of employees for the industry (NAICS code) in which the business operates;
- be independently owned and operated
- not dominant in its field of operation
Grant Tiers
There are three application tiers, based on number of employees:
- If you have 1-10 (W2) employees, you are eligible to apply for up to $10,000;
- If you have 11-50 (W2) employees, you are eligible to apply for up to $20,000;
- If you have 51-500 (W2) employees, you are eligible to apply for up to $30,000.
In the application process, businesses will provide information validating number of employees. Part time employees will be considered in your employee count if they work a minimum of 15 hours per week.
Eligibility Criteria
The U.S. Department of Treasury has identified two categories of eligibility for this funding:
- Businesses that have experienced and can demonstrate a negative economic impact due to the Coronavirus pandemic
- If you are applying because your business has experienced a demonstrable negative economic impact from the pandemic, your application can be evaluated based on four criteria of “economic harm.” The ideal timeframes to show your economic injury will be year over year periods from 2020 to 2021 or 2021 to 2022. A business only needs to demonstrate one of these harms to satisfy eligibility:
- DECREASED REVENUE of 10% or more annually
- EMPLOYEE RELATED CHALLENGES that have increased payroll costs by 10% or more or caused a 20% or greater FTE loss
- INCREASED COST OF GOODS of 10% or more;
- OTHER ECONOMIC HARMS – Other negative economic impacts that ARE NOT Decreased Revenue, Employee Related Challenges or Increased
- Cost of Goods will be considered, however the business must provide clear, measurable supporting documentation for evaluation.
OR
- Businesses that the Treasury has identified as having experienced a disproportionate impact and are considered “presumptively eligible” based on their location in a Qualified Census Tract (QCT) or on Tribal Lands.
- To determine if your business is located in one of these Qualified Census Tracts, please RIGHT CLICK here to open in a new window: 2023 QCTs(U.S. Department of Housing and Urban Development). Enter your address in the upper left-hand corner and hit the GO button. You will need to make sure the Color QCT Qualified Tracts Box is checked under Map Options, at the left.
These requirements apply to BOTH categories of eligibility one and two above:
- Business should have no more than 500 employees or, if over 500 employees, meet the size standard in the number of employees for the industry (NAICS code) in which the business operates;
- Application must be complete to be considered for funding, including the required supporting documentation;
- Businesses should hold a valid business license issued through Cherokee County, Ball Ground, Canton, Holly Springs, Nelson, Waleska or Woodstock;
- Business should be current on all federal and state taxes, as well as Cherokee County and municipal taxes and fees;
- Business headquarters or primary location must be within Cherokee County. For purposes of this grant program, primary location is defined by having 80% of your total employee count physically located at or reporting to the Cherokee location;
- Business must be independently owned and operated and not dominant in its field of operation;
- Ineligible businesses include: gambling institutions, multi-level marketing organizations, real estate investment trusts, and adult entertainment;
- Applicants will be deemed ineligible if any owner is presently involved in any bankruptcy or criminal action;
- Applicants must not be in the process of selling their business and intend to stay in business for at least 12 months.
- Be a For-Profit business
For more information, visit Small Business Grant.
