Seattle Small Business Stabilization Fund Grant Applications Now Open; Apply By Nov. 30
Updated: Nov 10, 2020
Seattle’s Office of Economic Development (OED) has announced the next wave of grant funding for the Small Business Stabilization Fund (SBSF). Fueled by an additional $4 million, the fund provides $10,000 grants to Seattle small businesses and economic opportunity nonprofits who have been financially impacted by the COVID-19 pandemic. Over 469 small businesses received grants in the first round.
To be eligible for a grant, a small business or non-profit must have 25 or fewer employees, be located within Seattle city limits, and have an annual net revenue at or below $2 million. Applications close Nov. 30, and EOD is holding an information session on Nov. 12 and providing non-English language assistance so prospective applicants can apply easily.
To register for the Nov. 12 session at Noon, click here.
The latest round of grants are funded by the joint COVID-19 relief bill passed by the Mayor and Council in August. $5.5 million was allocated for SBSF grants to spend $2.5 million in 2020, and another $3 million in 2021. After administrative costs, OED will provide $2.37 million for grants in 2020 and roughly $1.6 million for grants in 2021. Additionally, the City is committing $1.25 million in 2021 to work with community-based organizations to help prioritize grants to the most vulnerable and traditionally underserved businesses.
In an attempt to prioritize funding to businesses more likely to have experienced the greatest economic impacts, OED will ensure that at least two-thirds of grant recipients will be selected from applications from businesses with five or fewer employees and from areas that are identified as high risk of displacement or highly disadvantaged. Those areas are determined by several socioeconomic factors to identify areas of the city that have been historically underserved and more likely to be disproportionally impacted by economic shocks.
To better support creative industry small businesses and workers, the fund will specifically allocate 10 percent of all grants—or 24 grants—to creative industry small businesses. All businesses and non-profit organizations that receive a grant must commit to not reducing wages and benefits provided prior to the COVID-19 emergency. For more information on all eligibility requirements and how to apply, visit OED’s website.