Microenterprise Business Grant Opportunity

ATTENTION BEVERLY BUSINESS OWNERS!

The CDBG-CV Microenterprise Assistance Grant Program is NOW ACCEPTING APPLICATIONS! A total of $280,500 is available to qualifying microenterprise businesses located in Beverly adversely impacted by COVID-19, through the Community Development Block Grant COVID-19 (CDBG-CV) program funded by the CARES Act of 2020.

The funding is being utilized to address emergency needs in light of the Coronavirus pandemic. The maximum award per microenterprise is $10,000. A microenterprise is defined as a commercial enterprise that has 5 or fewer employees, including 1 or more of whom owns the enterprise [NOTE: This is a change in definition effective 9/15/2020] and must be a for-profit entity. Funds may be used for working capital to cover business costs, such as rent, staffing, utilities and personal protection equipment (PPE). Technical assistance, general support and stabilization of the business are also being considered as approved use of funds [NOTE: This is a change effective 9/15/2020]. Microenterprise Assistance grant funds may not be used for major equipment purchases, purchase of real property, construction activities, business expansion, or lobbying.

Massachusetts Growth Capital Corporation (MGCC) will serve as the Program Administrator and all applications must be submitted to MGCC. Applications are available here (https://massgcc.submittable.com/submit) and are due by September 25th at 5:00 PM. Businesses interested in applying must complete and submit the application electronically through MGCC’s online application portal. Hard copies or electronic copies submitted in any other way, such as mailed in or emailed, will not be considered.

Businesses interested in applying must meet the following eligibility criteria:

  • Business must have a physical establishment in Beverly [22 other communities are participating in the regional grant award.]
  • Business must be a microenterprise (a commercial enterprise that has 5 or fewer employees, including part time and full time and the sole proprietor or owner(s). [NOTE: This is a change in definition effective 9/15/2020]
  • Business owner(s) must qualify under the Low-Moderate Income (LMI) Limited Clientele national objective criteria. All owners of the business must earn an annual income equal to or less than 80% of the Area Median Income (AMI) based on family size.
  • Business must be a for-profit entity (sole proprietorship, partnerships, corporations, or LLCs).
  • Business must provide goods or services to multiple clients or customers.
  • Business must be able to document a loss of income equal to or greater than requested assistance due to COVID-19.
  • Business must be currently in operation and have been established prior to 01/01/2019.
  • Business must be in good standing with the state and city/town:
    • Business must be current on all taxes due through 3/1/2020; and
    • Have active and valid state licenses/registrations, if applicable; and
    • Not a party to litigation involving the Commonwealth or municipality you operate in.
  • Ineligible businesses:
    • Real estate rentals/sales businesses;
    • Businesses owned by persons under age 18;
    • Businesses that are chains;
    • Liquor stores;
    • Weapons/firearms dealers;
    • Lobbyists; or
    • Cannabis-related businesses.

For questions, please contact: Denise Deschamps, Economic Development Planner, Planning Department. Office phone: 978-605-2356. Email: ddeschamps@beverlyma.gov

 

Relevant Documents:

Beverly CDBG-CV Microenterprise Grant Flyer

Beverly CBDG-CV Microenterprise Grant Press Release

Beverly CDBG-CV Microenterprise Grant Frequently Asked Questions (FAQ)

CDBG-CV Microenterprise Assistance Application, Updated 9.16.20 DO NOT FILL OUT THIS DOCUMENT (application is online only)