ANCHORAGE — The Municipality of Anchorage dedicated $1 million for grants to small businesses and nonprofits impacted by COVID-19. Too many small businesses and nonprofits are bearing the cost of responding to the public health crisis, and this fund will provide some support as Anchorage moves through these incredibly challenging times. The Municipality is partnering with Cook Inlet Lending Center (CILC) to process and distribute small business and nonprofit stabilization funds. The application period opens today, May 12, and closes at 6:00 p.m. on Friday, May 22, 2020.
Up to 120 small businesses and nonprofits impacted by COVID-19 will receive a grant to help with expenses including payroll, employee benefits, rent, utilities, taxes, and paying vendors. Businesses and nonprofits with two to seven employees are eligible to receive a grant of $10,000. Sole proprietorships are eligible for a $5,000 grant. This is a pilot program to better understand the level of need for Anchorage small businesses and nonprofits and could be expanded at a later date if additional funding is available.
Eligible small businesses and nonprofits are those that:
- had less than $1 million in gross revenue in 2019;
- had no more than seven total full-time or part-time employees at any one time in 2019;
- have a location in the Municipality of Anchorage; and
- have not received or have a pending application for federal COVID-19 relief funding.
Franchises, payday lenders, pawnshops, bingo halls, pull tab businesses, and businesses legally restricted to patrons over age 18 or 21 are not eligible to apply. Sole proprietors must make 75% of their annual gross income from the business to be eligible. Up to 20% of the funding will go to sole proprietorships, and another 20% to eligible nonprofits.
“I heard and saw too many local businesses and nonprofits that were unable to get federal relief funds. Because we are all in this together, they should have support as we move through these difficult times. This program helps fill the gap and give us a better sense of the need that exists in the community,” said Mayor Ethan Berkowitz.
“The Municipality is poised to begin providing critical financial assistance to overlooked businesses and small nonprofits that provide essential services in our communities. Cook Inlet Lending Center is eager to help get these resources out to the organizations that need them,” added Gabe Layman, the Chief Operating Officer for Cook Inlet Housing Authority.
Applications and more information can be found at the Cook Inlet Lending Center website.
Applications can be submitted online, via email to reliefgrant@cookinletlending.com, or mailed to 3600 Spenard Road, Suite 100, Anchorage, AK 99508. Applications will be available in Spanish, Tagalog, Hmong, Samoan, Korean, Vietnamese, Russian, Chinese Mandarin, and Arabic.