Mayor Eddie Moran is encouraging small-business owners in Reading to apply for a share of the $10.5 million set aside by the state for historically disadvantaged businesses impacted by COVID-19.
Gov. Josh Shapiro opened the window Monday for small diverse businesses in Pennsylvania to apply for grants of $2,500 to $10,000 in federal American Rescue Plan Act funding.
“This is a significant opportunity for our local businesses to access crucial funding that can drive their recovery and growth,” Moran said in a release. “The City of Reading is fully supportive of Gov. Shapiro’s dedication to breaking down barriers and fostering a business-friendly environment. We encourage all eligible small diverse businesses in Reading to seize this opportunity and submit their applications to the commonwealth for consideration.”
This funding differs from the ARPA grants for small businesses offered by the city, the mayor noted.
To be eligible, businesses must have been in operation on or before March 17, 2020, and meet the criteria of being historically disadvantaged with annual revenues of $1 million or less and employing fewer than 25 full-time equivalent employees.
“Since day one, I have advocated for long-overdue funding for women- and minority-owned businesses across this commonwealth, to support their growth and open new doors of opportunity,” Shapiro said in a release. “I want every business owner to know that my administration values what you bring to the table, and that we are committed to breaking down barriers to progress and helping you build generational wealth. In Pennsylvania, we are open for business — and we are working to build a commonwealth where everyone can find and capitalize on real opportunities to grow and thrive.”
Priorities will be given to small businesses located within low-income census tracts, high-crime municipalities and designated areas, including areas with active Main Street Programs.
The criteria would be met by business in the Main Street areas of Boyertown and Sinking Spring, according to PACDFI.
The ARPA grant funds can be used for various purposes, including working capital, inventory, equipment, safety and security equipment, marketing and operational costs.
The Pennsylvania Community Development Financial Institutions Network will manage the funding.
Additionally, an extra $8.5 million in ARPA funding will be allocated for technical assistance and business development through CDFIs and partner organizations.
Before beginning an application, potential applicants should visit the PA CDFI Network’s program landing page to review the program guidelines and frequently asked questions, connect with technical assistance partners and access the link to submit an application.
Applications will be accepted through Feb. 23.
Source: Berkshire mont
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