Weekly Business Grants and Loan Updates - Business PPP is Back!
After funds were extinguished from the first round, the federal Small Business Administration's Paycheck Protection Program “PPP” reopened this week. You can access more information about the PPP from the Small Business Administration here
One of the common complaints about the initial PPP funding round was that many small businesses were not able to access the funds through traditional lending methods. The current round of PPP is designed to help solve this problem by allocating some funds to be distributed through Community Development Financial Institutions, or CDFI’s, in addition to regular banks. What is a CDFI? CDFI’s are organizations that ensure that under-represented communities get a fair chance at accessing loans. The good news is that Jamaica, Queens qualifies as the type of neighborhood where businesses can receive loans from a CDFI. The nationwide nonprofit National Development Council (NDC), is a CDFI that has stated its preference for PPP applications coming from low and moderate income districts (LMI’s), of which Jamaica is one. Consider reaching out to NDC here
Also, just a reminder that applications for the second round of grant funding from the national nonprofit Local Initiatives Support Corporation “LISC” Rapid Relief Resiliency Fund closes today. Apply here
. (This is a grant program that opens and closes regularly—be sure you don’t miss the next application opening. Sign up for email updates
from LISC to be notified of the next round.)