The Urban League of Rochester is administering a $100,000 small business stabilization fund provided by the KeyBank Business Boost & Build Program powered by JumpStart.
The Small Business Relief and Retooling Grant program will support minority- and women-owned businesses in Monroe County. This contribution is part of a $500,000 commitment by KeyBank and Jumpstart to provide relief to small business communities throughout upstate New York in response to the economic hardship caused by COVID-19.
The program will augment the city of Rochester’s Business Emergency Retention Grant by providing targeted assistance to MWBE businesses. BERG grants, averaging $2,000, may be used for working capital, business expenses to continue operations and retain employees.
Together, the two grants can provide qualified city businesses with as much as $7,000 in grant funding.
“I applaud KeyBank and the Urban League of Rochester for creating the Small Business
Relief and Retooling Grant to help minority- and women-owned businesses survive the economic storm brought on by the COVID-19 pandemic,” Mayor Lovely Warren said. “This grant will complement the success of the city’s Business Emergency Retention Grant and help keep minority- and women-owned businesses viable through this challenge. Public-private partnerships like this play a vital role in our efforts to create more jobs, safer and more vibrant neighborhoods and better educational opportunities.”
Vulnerable communities, including communities of color, are particularly impacted by the coronavirus pandemic. Small business owners are facing challenges in sustaining their business during this period, and many are ineligible or not positioned to receive federal relief funding. This fund is intended to fill identified gaps in relief funding while also providing technical assistance and one-on-one business consultation, including financial resiliency training classes.
“Now, more than ever, small business owners need the support of the Urban League to help pivot during the COVID-19 pandemic,” said Seanelle Hawkins, ULR president and CEO. “We are grateful to KeyBank for its continued commitment in supporting our community with a keen focus on small businesses. The program will help business owners implement resiliency and retooling strategies to help their businesses move forward and grow.”
Eligible minority- and women-owned businesses in the industries of service and hospitality, lifestyle, or health and wellness can receive grants of up to $7,000 per business while funds last. Grants will be prioritized for those who could not receive or who were not eligible for emergency relief funding through the SBA.
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