The Small Business Stabilization Restore Grant Program will support Portland small businesses experiencing hardships resulting from the COVID-19 pandemic.
Donor Name: Prosper Portland
State: Oregon
City: Portland
Type of Grant: Grant | Reimbursement
Deadline: 02/29/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
Prosper Portland will administer American Rescue Plan Act funds as one-time direct grants to help stabilize small businesses by addressing operational expenses for businesses within the city. The Restore Grant Program can provide up to $25,000 in reimbursements to eligible small businesses or nonprofits for eligible expenses related to security, prevention, specific operational expenses, damages, and vandalism that occurred since January 2022.
Priorities
Prosper Portland is committed to creating equitable opportunities throughout the community and economic development work. They embrace values of authentic inclusion, transparency, and collaboration, and they are directing this grant toward meeting the needs of those businesses that were most adversely impacted by the pandemic.
Eligible Expenses
- Restore Grant funds can be issued for the following expenses (Please note that all expenses must have occurred January 1, 2022 or later):
- Security and prevention
- Insurance premium increases due to losses and claims
- Deferred rent
- The Restore Grant can only cover deferred rent with a signed agreement from the landlord that has been offset and paid since January 2022.
- Interior repairs due to vandalism or break-ins
- Inventory loss and replacement costs due to break-ins (up to $5,000)
Eligible Businesses
To be eligible, the applicant must be a person or entity that operates a small business or nonprofit with a bricks & mortar presence or food trucks which maintain consistent hours of operation within the city of Portland. The business must have a customer storefront and not be placed on a residential lot. Further, the following business criteria apply:
- Be located within Portland city limits.
- Have been in business prior to March 2020 when COVID was declared a pandemic.
- Employ 3 or more employees.
- Had 2019 Annual Gross Revenue up to $3M.
Selection Process
- All applications will be scored based on the following:
- Number of employees
- Annual Gross Revenue change from 2019-2022
- Location along highly impacted districts or corridors.
- Additional criteria for funding requests beyond $10,000.00
- Referral from other programs and/or partners
- Total financial grants received within the last 12 months
- A limited amount of funds are available per grant cycle. Not all applicants will receive a Restore Grant. Prosper Portland will notify recipients of the Restore Grant no later than 14 days after the application window closes.
For more information, visit Prosper Portland.
