Grants Now Available for Small Businesses in Benton County
August 11, 2020 - Grants are now available for small businesses adversely affected by economic conditions associated with the COVID-19 pandemic that have not received federal emergency assistance under existing programs. A total of $75,000 is available for businesses in Corvallis and Benton County.
The funding is part of a $10 million allocation that the State of Oregon approved in May – $5 Million from the State General Fund and $5 Million from existing programs at Business Oregon, to be disbursed among cities and counties throughout the state.
Community Lending Works (CLW) in partnership with Benton County and the City of Corvallis, has been awarded $75,000, of which $25,000 will be allocated to businesses in the City of Corvallis and $50,000 for those in the greater Benton County area.
“These funds are critical for our Benton County businesses,” said Kate Porsche, Manager of the Corvallis Benton County Economic Development Office. “This round of funding was intended by the state to fill the gaps not reached by other programs, so it can provide an important boost for eligible businesses that have not received money from federal grant or loan programs.”
This is the second round of funding available in Benton County, following a loan program the Economic Development Office rolled out in May.
The grants are available to for-profit companies, 501(c)3 nonprofit organizations, sole-proprietors and independent contractors with fewer than 25 employees. Awards will range from $2,500 to $25,000, based on a statewide formula that accounts for employment size and pandemic impacts.
Funds may be used for business-related operating expenses such as rent/lease obligations, utilities, and other costs associated with reopening in line with state guidance.
To be eligible, businesses must not have received assistance through any prior federal emergency pandemic funding programs, such as the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL). The fund is intended to fill gaps not reached by other programs.
Applications will be accepted until funds are depleted. Information on business resources and a link to the application for the small business grants can be found at yescorvallis.org/resources.
For more information on this program, contact Economic Development Manager Kate Porsche at kate.porsche@corvallisoregon.gov or 541-766-6339.
