April 6th 2024.
Good news for small businesses! American Express and Main Street America have teamed up to provide a whopping $5.75 million in grants to support economic vitality. This incredible opportunity is part of the Backing Small Businesses grant program, which aims to help financially vulnerable and under-resourced small businesses, including those owned by Black entrepreneurs. And the best part? The number of grants and total funding have been increased this year.
Now in its third year, the program is currently accepting applications from 500 small businesses. Each business has the chance to receive a grant of $10,000, and the deadline to apply is April 7, 2024 at 11:59 P.M. CT. If you're interested, you can apply here and learn more about the program and eligibility requirements.
But that's not all. In September 2024, when the 500 recipients submit their final reports, they will also have the opportunity to apply for an additional $30,000 in enhancement grants. The best part is that these grants can be used for any project, not just the one funded by the initial $10,000 grant. However, only 25 businesses will be chosen to receive the enhancement grants, so it's important to put your best foot forward in your application.
Wondering how you can use the grants to benefit your business? The options are endless! You can use the funds for things like accessibility upgrades, community events, inventory, marketing, and operational strategies. A full list of eligible grant expenses can be found here. These grants can make a huge difference for small business owners who may be struggling due to insufficient or expired capital.
According to a news release, the Backing Small Businesses grant program was created to help small business owners recover from the effects of the COVID-19 pandemic and support their growth. In the first year alone, the program provided $1.65 million in grants to 330 small business owners in the US. And in the second year, over $2.3 million was given to 350 businesses.
This news is especially important for Black-owned and small businesses affected by the recent mass shooting in East Buffalo. Grants of up to $50,000 are available to help these businesses recover and rebuild. It's heartwarming to see companies like American Express and Main Street America stepping up to support small businesses during these challenging times. So if you're a small business owner in need of financial assistance, don't hesitate to apply for these grants and take advantage of this amazing opportunity.
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