Economic Development Office Announces Grant Funding for Benton County Small Businesses

News - For Immediate Release

August 29, 2023 - The Corvallis-Benton Economic Development Office, in partnership with Central Willamette Credit Union, has opened a second round for applications to distribute the approximately $70,000 remaining in grant funds to small businesses in Benton County that have been adversely impacted by the COVID-19 pandemic.

At a minimum, businesses must be for-profit, headquartered and operational in Oregon for at least one (1) year, and be located within Benton County. Other eligibility restrictions apply. Businesses must complete a pre-screening questionnaire that will help determine eligibility and viability. Additional information and application materials can be found here: https://www.centralwcu.org/bcbusgrants

Grants will be $10,000. Eligible businesses must:

  • Be located in Benton County and employ a majority of their employees in Benton County;
  • Have no more than 500 employees
  • Be for-profit
  • Be independently owned and operated,
  • Not be nationally dominant in its field;
  • Been in existence prior to June 30, 2021 and continue to exist and operate through the date that grant funds would be disbursed.
  • Must have been impacted or disproportionately impacted by the pandemic.
  • Applications will be received until September 13, 2023 at 5 PM.

At least one-third of grant funds from the $260,000 grant program will go to eligible businesses located outside of the Corvallis and Albany Urban Growth Boundaries. If the number of applications exceeds available funds, first preference will be given to businesses that did not receive government loans or grants during the pandemic. These include funds from the Payroll Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL) program.

If the number of eligible businesses exceeds the funds available, a lottery system will be used to pick grant recipients. For a complete list of eligibility requirements, and more information about the grant program, and how funds will be geographically disbursed in Benton County; please visit: https://www.corvallisoregon.gov/business/page/grant-funding-available-benton-county-small-businesses

 

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