KALAMAZOO, MI — A brand new grant program is being launched to supply reduction to Kalamazoo’s “micro” companies hit onerous by the financial fallout of the pandemic, the United Means of the Battle Creek and Kalamazoo Area stated in a information launch.
The Kalamazoo Micro-Enterprise Grants (KMEG) program offers grants of $5,000 to eligible microbusinesses inside metropolis limits. The grants are a partnership between town of Kalamazoo and United Means of the Battle Creek and Kalamazoo Area, the information launch states.
The funding comes from a $200,000 grant from the Shoppers Vitality Basis, and a further $300,000 from town of Kalamazoo’s Basis for Excellence, pending approval by the Kalamazoo Metropolis Fee, the information launch states.
“This new grant initiative reveals once more how the facility of partnership makes a distinction,” stated Chris Sargent, President & CEO of United Means BCKR. “We’re excited to use our experience in grant making to learn this significant enterprise sector and Kalamazoo as an entire.”
Micro-enterprises, or microbusinesses, are small companies, usually 10 or fewer workers, that generate low income but convey distinctive abilities and companies to the group, the information launch states.
The grants goal to assist group members dwelling beneath the Asset Restricted, Earnings Constrained, Employed (ALICE) threshold, with a concentrate on offering assist to microbusiness owned by black individuals, indigenous individuals, individuals of colour, and girls, which have skilled disproportionate results from the COVID-19 pandemic, the information launch states.
United Means will administer the grants. Companies searching for KMEG grants should meet these necessities:
• be a for-profit firm in an trade outlined in Govt Order 2020-21, or any earlier and subsequent govt order of comparable intent, or exhibit it’s in any other case affected by the COVID-19 outbreak;
• be positioned within the metropolis of Kalamazoo;
• have 10 workers or fewer;
• have annual income of $1.zero million or much less;
• been in existence for one 12 months or longer;
• want working capital to assist payroll bills, lease, mortgage funds, utility bills, or different comparable bills that happen within the abnormal course of enterprise or that exhibit an effort to assist public well being; and
• exhibit an earnings loss because of the manager orders or the COVID-19 outbreak.
Precedence consideration will go to microbusiness owned by black individuals, indigenous individuals, individuals of colour, and/or ladies. Secondary consideration will go to eligible companies positioned in Shared Prosperity Kalamazoo neighborhoods—Northside, Edison and Eastside.
KMEG funds can be utilized for, however will not be restricted to, operational prices (similar to lease, mortgage, utilities and different abnormal enterprise bills), payroll and profit prices for workers, monetary results from the pandemic and govt orders, and prices for supporting public well being as a enterprise reopens. Recipients should use their grant funds inside six months and report again to United Means on how the funds have been used.
Eligible companies can start making use of for grants at this time at changethestory.org/micro-enterprise-grants. Purposes are due by 5 p.m. on Could 27. A evaluation committee together with United Means employees and numerous representatives from enterprise, monetary and group teams from throughout Kalamazoo will evaluation functions and make choices on funding by June 1.
Candidates should submit:
- Incorporation paperwork that present enterprise begin date
- Doc(s) that element present enterprise location and variety of workers
- Annual Enterprise Tax Returns and/or
- Revenue & Loss Statements from the previous 12 months
- Abstract of COVID-19’s affect on enterprise
- Deliberate use for the grant
When a enterprise indicators the settlement within the grant program, they comply with have their enterprise identify reported publicly, the United Means stated.
Town and the United Means additionally collaborated on the Kalamazoo Small Enterprise Mortgage Fund, a reduction effort that has issued greater than $1.227 million in loans to 69 companies to date, the United Means stated. A few of the companies chosen to obtain funding selected to not be publicly recognized, and the United Means is protecting all details about these companies non-public.
— to www.mlive.com