Deadline to Apply For Richland Business Block Grant is May 31st
Time is running out to take advantage of what is potentially available for small Richland businesses, helping in the deflection of heavy financial damages in this uneven COVID-19 landscape.
The City of Richland is currently utilizing Community Development Block Grant (CDBG) funds to offer a new Small Business Stabilization Loan to local businesses.
Qualifying Richland businesses must have a payroll of less than twenty (20) employees, hire one full-time equivalent job, and retain the position for at least 12 months.
Other conditions apply and can be found on the program website. Funds will be awarded on a first-come, first eligible basis until the fund is exhausted.
The program will be receiving applications until 5:00 p.m., Sunday, May 31, 2020, or when all funds have been awarded.
The City responded to the COVID-19 pandemic by quickly mobilizing this new program to utilize redirected CDBG funds where possible.
The fund will also be infused with stimulus dollars coming to the City from the Department of Housing and Urban Development via the CDBG program and the Cares Act 3.0 stimulus bill.
The Community Development Block Grant (CDBG) is a federally funded program through the U.S. Department of Housing and Urban Development (HUD). City CDBG funds may be used to expand economic opportunities for low-and moderate-income persons. CDBG funds are targeted to areas of the City that have the highest concentrations of low and moderate income persons.
These areas generally coincide with Richland's older residential neighborhoods and the central business district. CDBG Target Areas are those census tracts within the City where over 51% of the individuals have incomes of 80% of the median income or less.