COVID 19 Emergency Release Grant for Small Business
The goal of the grant fund is to accelerate access to capital and to help small businesses bridge the gap until additional funding sources are announced. DARI, in partnership with the City of Rock Island, will administer working capital grants in amounts of up to $2,500 to qualifying small businesses. It is modeled after similar initiatives recently launched in Seattle and Detroit. Applications submitted will be added to a wait-list and as funding is available grants will be awarded.
To apply please visit: https://portal.neighborlysoftware.com/rockislandil/administration/Login
Eligibility criteria for business applicants:
• The business owner must employ low- to-moderate-income individuals (≤80% of the Area Median Income). For example, an individual earning an annual income of $40,750.• Business owners will need to provide their Employer Identification Number.• The business must have ten (10) employees or less (full time or part time).• The business must have a physical establishment in the city of Rock Island. Our priority is to assist companies that sell products and services to their customers face-to-face.• The business must have experienced a loss of sales due to COVID-19.• The program will be available to all citywide businesses meeting the eligibility requirements. Businesses that are located in low-income census tracts will be given preference.• Funding will be provided to business entities only. Acknowledgement of the business having a business bank account and employer identification number (EIN) will be required.• Grants may be used to cover the day-to-day operating expenses of the business, such as payroll, rent, utilities, loan payments, etc.
Additional resources for businesses include:SBA: Economic Injury Disaster Loan ProgramSBA: Guidance for Businesses and EmployersIllinois Department of Employment Security: COVID-19 and Unemployment BenefitsIllinois Small Business Development Center: https://wiusbdc.org/