Small Business Grants Dayton Ohio – The Ohio House yesterday approved legislation including a new grant program to help businesses impacted by the coronavirus. The bill, Senate Bill 310, addresses several issues related to the appropriation of federal funds to the state through the Coronavirus Relief, Assistance, and Economic Security Act (CARES Act).
The bill includes an amendment added to the House Finance Committee regarding the eligible grant program for businesses that employ fewer than 50 people. Administration of the program will be voluntary for local governments and the maximum amount for any grant is $10,000. It will be up to each local government to determine eligibility for each grant, but the amendment stipulates that at a minimum each applicant must provide:
Small Business Grants Dayton Ohio
The program has the potential to offset expenses related to the economic downturn caused by the coronavirus. It acts as a continuation of many federal and state and local level programs geared specifically to small businesses. It remains to be seen how many local governments will participate in the program once it is available, but there has certainly been a lot of interest in programs like this.
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For example, the U.S. Chamber of Commerce’s Small Business Rescue Fund, originally set up to help our small businesses, ran out of funds early due to the volume of applications. The same goes for the Summit County COVID-19 Small Business Emergency Relief Program. The program also used funds from the CARES Act and has attracted much interest from area businesses.
Small businesses have been hit hardest financially by the coronavirus and are the most vulnerable when it comes to reopening. The programs included in SB 310 and others have the potential to save small businesses. We look forward to making this program available and giving Ohio’s small businesses access to much-needed funding. Download Our App Our Spectrum News app is the most convenient way to get what matters to you. Download it here.
DAYTON, Ohio – The City of Dayton is using $7 million in epidemic recovery funds to help entrepreneurs start or expand restaurants, salons and other small businesses in surrounding business areas.
What You Need to Know Dayton City Commission Creates Leading Fund to Support Potential and Expanding Small Businesses $7 Million Loan Program Aims to Provide Opportunity for Businesses Struggling to Get Loans from Traditional Lending Sources Program Dayton area regional chamber representative for individual businesses And look at it as good for the whole city. Approximately $140 million of the city’s funding comes from American Rescue Plan Act funds.
Micro Enterprise Grant Program
The Dayton City Commission on Wednesday approved the creation of the First Floor Fund (FFF) as one of Dayton’s first investments from its nearly $140 million Dayton Recovery Fund.
Through the program, the city plans to invest millions of dollars in startups and existing businesses that have struggled to access traditional financial loans or other financing due to the COVID-19 pandemic.
Eligible borrowers can obtain a combination of prime and forgivable loans up to 70% of the project cost. The purpose of the loan is to support areas where small or new businesses may struggle to make the cut, such as new machinery, building renovations or working capital, according to the city.
The First Floor Fund seeks to invest $7 million in new and expanding small businesses in Dayton neighborhoods, including the Historic District of Oregon (pictured). (Photo courtesy of the City of Dayton)
Dayton To Invest $7m In ‘first Floor’ Small Businesses
Dayton City Manager Shelley Dickstein said, Featured business owners play a huge role in the vibrancy of our city. “They help create more walkable places and provide the services that employers and residents want and stimulate development and investment in our neighborhoods.”
Businesses targeted by the First Floor Fund are usually located on the ground floor of commercial spaces: restaurants, retail stores, salons, photography studios, fitness centers, etc.
Stephanie Kenith, vice president of strategic initiatives for the Dayton Area Regional Chamber, called the plan announcement “great news for Dayton.”
Keninath said that even if small businesses don’t create the same tax base or employ as many employees as large corporations, those restaurants, salons and retail stores matter to Dayton residents and working employees in the city.
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“More broadly, Dayton supports the region and serves as a catalyst, drawing people to our downtown to spend their hard-earned cash and enjoy all the amenities the city has to offer,” Keenath added. “So, it’s really critical that we continue to support the growth of small businesses that really improve the quality of life.”
Kenneth describes these customer-facing businesses as often being a person’s initial entry point into downtown Dayton or its neighborhoods.
“It might mean people come down to dine or go to the store or have a single interaction, but over time all of those interactions add up to a more vibrant community,” she added.
Dickstein urged the city to create a framework for the First Floor Fund program. The program was reviewed by real estate developers and the local commercial lender community before moving to the City Commission, the city said in a statement.
Dayton Development Coalition
The funding comes from $10.8 million in Dayton Recovery Plan funds earmarked for the city’s economic recovery initiatives. The focus is on projects and investments that address economic inequality and promote further development in local neighborhoods.
Because startups are less likely to get loans from traditional lenders, those entrepreneurs “may not take advantage of those relationships when federal Paycheck Protection Program loans become available in 2020,” the city wrote on its website.
The program is open to any small business owner. But the city’s goal is to provide the necessary resources and opportunities for minorities and women who want to start or grow businesses.
Of the nearly 200 such businesses in downtown Dayton, 38 percent are owned by women and 22 percent are owned by Black or Brown people, according to city data.
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Citywide Development Corporation, a non-profit economic and community development organization, will provide underwriting, administration, management and monitoring services for the First Floor Fund program.
“The First Floor Fund program will go a long way toward financial stabilization and providing access to capital for small retail businesses,” said Dan Cain, president of Citywide. “This program will help alleviate the systemic financing and COVID-related financial challenges facing women- and minority-owned small businesses in particular.”
Todd Kinski, director of planning, neighborhoods and development for Dayton, described the funding as “a high priority of many public and private community stakeholders.”
Program participants will also receive additional administrative support offered by organizations including The Hub at the Arcade, Greater West Dayton Incubator, Dayton Human Relations Council, Minority Business Partnership, Miami Valley SBDC, Retail Lab, Launch Dayton, and other small business supports. service
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Kenneth believes the program’s support and reduced access to loan funds can instill confidence in business owners who might otherwise be afraid to open or expand for fear of foot traffic or high-risk loan situations.
“This program is really empowering entrepreneurs, minority small business owners, and people who might not otherwise be able to grow and expand those assets, by giving them an opportunity to use assets and exist in a space that is very visible and accessible to them. The whole community,” he added.
On Wednesday, the City Commission approved the use of Dayton Recovery Plan funds to support three community initiatives and organizations.
It includes 6888 kitchen food business incubators. It is receiving $750,000 to support the launch of the first phase of OH Taste LLC’s “Sharpening the Axe” educational program for food entrepreneurs.
Re Open Downtown Grant Program
Food businesses incubated in 6888 kitchens in the arcade can then transition to physical sites and qualify for FFF support.
The City of Dayton expects to receive approximately $138 million in American Rescue Plan Act (ARPA) funding, the largest grant in the city’s history.
City leaders see this as a once-in-a-lifetime opportunity to invest in and challenge minority communities disproportionately affected by long-standing economic and social inequality in Dayton. City leaders voted to use those funds to address infrastructure, financial and equity issues.
To date, the City Commission has allocated $9.4 million in Dayton Recovery Fund grants and contracts, the first being approved just over a month ago.
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