BECMA: Grant Funding for Your Business!

Business

Have you applied for the Restaurant Revitalization Fund yet?

The Restaurant Revitalization Fund (RRF) is the U.S. Small Business Administration’s (SBA) latest COVID-19 relief program for one of the most affected sectors of the economy: food businesses. The RRF will provide grants to independent restaurants, food trucks, catering business, and other food service businesses with fewer than 20 locations.

The SBA reported last week that more than 186,000 restaurants, bars, and other food and beverage businesses applied for RRF assistance during the first two days after the program’s application window opened May 3. $5 billion of the $28.5 billion available through the new American Rescue Plan of 2021 is set aside for businesses with less than $500,000 in revenue for grants through the RRF.All eligible food and beverage providers are allowed to apply to the RRF, but for the first 21 days the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals.

After the first 21 days, the SBA will fund all eligible applications on a first-come, first-serve basis. Approved applicants should expect an average of 14 days for processing, review, approval, and funds distribution, the SBA said.

Congress created the RRF to provide food and beverage providers with grants equal to their pandemic-related revenue loss, up to $10 million per business and no more than $5 million per physical location. The funds can be used for eligible expenses, such as payroll and rent.

The Massachusetts Equitable PPP Access Initiative is helping restaurant owners of color and underserved businesses access and apply for RRF and other SBA relief programs. Sign up below to get support and apply. 

Get Support Here
Apply Here
“With Massachusetts on its way toward reopening, the rubber hits the road. “It all begins with intentionality and being committed to first of all not repeating what happened in the Seaport,” says Segun Idowu, president and CEO of the Black Economic Council of Massachusetts. ” Read full article here.
BECMA is hiring! 

  1. Mass Black Expo Manager
    The MBE Manager will work specifically on the 2021 Mass. Black Expo, an annual event that brings together Black business owners, entrepreneurs, thought leaders, and people from across Massachusetts. This position serves as the primary project and event manager, organizing and coordinating all items pertinent to the event, including identifying the virtual platform and advising the organization on conducting limited in-person events. Learn more and apply for this position here
  2. Membership Coordinator Summer Intern 
    BECMA is looking for an intern to assist in designing, developing and managing our new membership model. This person will be responsible for assisting with marketing and communicating with members during the acquisition, on boarding and management phases. Learn more and apply for this position here
  3. Media & Communications Summer Intern
    BECMA is seeking to hire an intern to support in assisting, implementing, and executing on the organization’s Communications departmental goals and work. The ideal candidate will be a dynamic self-starter who desires opportunities to take initiative and to learn new skills and subject matters. Learn more and apply for this position here

Check out more MA employment opportunities from our members and partners here.

Become a BECMA Member Today! 

Help us welcome our newest members to BECMA’s network!

New Micro/Small Business Members
Christine Rose – 4 Corners Yoga + Wellness
Robin Reed – WellnessRox DPC, LLC
Teresa Maynard – Sweet Teez Bakery
William Murrell III – BlackBoston.com

Individual/Professional Members 
Elizabeth Young

Become a Member Here

Applications are now open for the City of Boston Contracting Opportunity Fund!

Your biz may be eligible for a $15,000 capacity-building grant to compete for City contracting! Visit boston.gov/contracting-fund to learn more and apply today.

Apply Here
SBA Supplemental Targeted Advance GrantThe SBA’s Supplemental Targeted Advance grant provides the smallest and hardest hit eligible businesses with a supplemental payment of $5,000 that does not have to be repaid. Even if you have previously received the original EIDL Advance in the full amount of $10,000, you may be eligible for the Supplemental Targeted Advance if you meet eligibility criteria.

Completing the Targeted EIDL Advance application is a requirement to be considered for the Supplemental Targeted Advance.

Before applying, make sure your small business meets all the eligibility criteria.

Apply Here

Shuttered Venue Operators Grant Application is Open!

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act.

Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million.

Apply Here
The Boston Local Development Corporation (BLDC) has been awarded relief funds by the EDA CARES Act to help the City of Boston Small Businesses navigate the financial challenges brought on by COVID-19.

Loans are available for existing businesses, new ventures, and businesses relocating to the City of Boston. These loans range from $10,000 to $150,000. For Boston companies in the industrial and manufacturing sectors, loans can go up to $250,000.

Funds can be used for working capital, equipment, utilities, expansion, and many other business needs. BLDC loans have flexible terms and there are no prepayment penalties.

Please click here to review BLDC’s Loan Process.

Get Started

Mass Mutual Catalyst Fund: $50 Million for Black businesses 

MM Catalyst Fund (MMCF) will target a dual-prong approach to creating impact on the entrepreneurial environment in Massachusetts: 1) enabling the growth of technology and sustainability-driven business in less-developed regions of the commonwealth and 2) driving growth and capital for business expansion into financially underserved Black businesses.

MMCF is building a diversified portfolio of early-stage and mid-stage Massachusetts companies. Early-stage companies need to have a solid proof of concept, significant market traction or revenue, and standout leadership teams. Mid-stage companies will have established annual recurring revenue of $1 million +, scalable revenue streams, and strong management teams.

Learn More

Inner City Capital Connections (ICCC) is a tuition-free program designed by the Initiative for a Competitive Inner City (ICIC) to help small business owners in under-resourced communities survive the economic impact of the COVID-19 pandemic and build capacity and resiliency for sustainable growth.

Apply Here
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Request an Invitation Here
Join one of our closest partners, The Boston Foundation, for the release of The Color of the Capital Gap: Increasing Capital Access for Entrepreneurs of Color in Massachusetts. The report analyzes the dynamics behind persistent racial disparities in access to capital and presents a set of bold and actionable solutions. After a presentation of the research, we’ll hear from policymakers, local experts advancing capital access solutions now, and entrepreneurs themselves.
Register Here
Register Here
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