The Historically Disadvantaged Business Assistance Program is a grant program offered by the PA CDFI Network in partnership with the Pennsylvania Department of Community and Economic Development. The program is designed to mitigate the impact of the COVID-19 Pandemic on socially or economically disadvantaged small business owners. Minority-owned businesses can receive between $2500 and $10000 in grant funding, but must apply by Friday, February 23rd.
For the full list of eligibility requirements, check the PA CDFI Network website. To be eligible, businesses must have been in operation since on or before March 17, 2020. They must also be at least 51% owned and operated by individuals that identify as African American, Black, Hispanic, Native American, Asian American, or Pacific Islander. Eligible businesses must also be current on all state and local taxes, earn less than $1 million in annual revenues, and employ 25 or fewer full time employees.
The program will give priority to businesses located in a low-income census tracts, in municipalities with higher crime rates than the state average, and a designated priority commercial area. Businesses meeting two or more of the program priorities are more likely to receive funding. Tacony businesses qualify for two of these program priorities, while businesses located on Torresdale Avenue meet all program priorities.
Funds can be requested for anticipated costs associated with, but not limited to the following: Working capital, Inventory, Equipment, Safety and security equipment, Marketing, and Costs to support the ongoing operation of the business. Funds cannot be used to cover expenses already paid for.
Interested businesses can apply here: https://pacdfinetwork.org/about/hdbagrants/ by scrolling all the way to the bottom of the page. PA CDFI offers language assistance. If you have any questions about eligibility, or need assistance applying, the Tacony Community Development Corporation is here to help! Contact Amarynth@taconycdc.org, or call 267-276-2586.
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