The City of Columbus is devoting $5.25 million of the $157 million Columbus received from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to the business relief effort, calling it the Columbus COVID-19 Small Business Response and Recovery Fund.
The fund helps businesses with fewer than 25 employees in three ways:
- $3.25 million for “recovery grants” of up to $10,000 for businesses in low- to moderate-income areas to help with expenses and to retain employees during the pandemic;
- $1 million in low-interest “pivot loans” of up to $20,000 for businesses in low- to moderate-income areas that can be used to retain or create new jobs during the pandemic;
- $1 million in “return safely grants” of up to $5,000 that must be matched by the businesses to help pay for personal protection equipment or other coronavirus-related expenses. Unlike the other programs, businesses anywhere in the city can apply for this funding.
Businesses can apply for the loans between June 9 and July 17.
For details and to apply, visit the city’s small-business economic development office website or call 614-645-8616.