Mayor Kure Announces Impact of Small Business Relief Fund 2.0

Over 1,000 local small businesses are subsidized

Mayor Michelle Wu today announced the impact of the City of Boston’s Small Business Relief Fund (SBRF) 2.0. Building on her commitment to supporting a diverse range of local small businesses impacted by the COVID-19 pandemic and continuing the local economic recovery, SBRF 2.0 has to date placed her 1,037 employees in all Boston neighborhoods. awarded her $12.8 million grant to small business owners. This program was funded by the federal American Rescue Plan Act (ARPA).

“Our small business owners have faced tremendous challenges while continuing to serve their communities during the pandemic. Mayor Michelle Wu“We are grateful to our City Council partners for supporting this important work and providing critical resources to small businesses. As we focus, we will continue to support small businesses as neighborhood anchors.”

The SBRF 2.0 program provided relief funds of up to $10,000 to small businesses impacted by the COVID-19 pandemic to use for rent, inventory, and other fixed costs. To support local economic recovery, businesses can also apply for growth funds of up to $10,000 to help grow or expand their business. These funds can be used for tools and technology, materials and personnel, and other costs associated with investing in growing your business.

“SBRF 2.0 has been a key resource in ensuring that the small business community weathers the Omicrom variant surge of COVID-19 and is better positioned to grow and expand as the economy rebuilds.” said. Segun Idowu, Chief of Economic Opportunity and Inclusion. “We are grateful for the tireless efforts of our small business team to help stabilize so many local businesses. I am very grateful for what you have done.”

Small businesses located in Boston are eligible to apply for this program, with priority given to industries most directly impacted by COVID-19-related closures, policies, or general loss of revenue. These industries include food service and restaurants, hospitality, barbers and beauty salons, retail, arts and entertainment, tourism, fitness, and day care.

To deliver on the mayor’s equity commitments, the diverse percentage of business owners who received funding includes 68% minority-owned, 58% women-owned, and 18% immigrant-owned businesses. The average grant award was $12,520 per business for both relief and growth funding combined.

SBRF 2.0 grant recipients by district as of July 2022

The SBRF 2.0 program is managed by the Small Business Division of the Mayor’s Office of Economic Opportunity and Inclusion.the program was initially Released in September 2021In January 2022, Mayor Kure further $5 million to replenish the program It is supported by the Boston City Council.

“We are proud of the work our team has done to provide these vital funds to the small business community that has remained resilient through the pandemic. Small Business Director Aliesha Porcena said: “As we close out this fund, we look forward to increasing our programming and continuing to support small businesses across the city.”

“We were happy to receive the grant,” he said. Leon Egreton and Clarissa Egreton, owners of the Frugal Bookstore in Nubian Square“This grant has allowed us to hire additional employees. It has also helped us share updates with our vendors.”

Small Business Units (SBUs) continue to provide important resources to Boston’s small business community. Following the SBRF 2.0 program, the City will partner with business services organizations to provide technical assistance and long-term planning assistance to small businesses beyond grants. SBUs will continue to technical support A program that offers free workshops and matches small businesses with business professionals to help with accounting, legal services, marketing, business planning, and more. The SBU will also Restore Boston A program for maintaining and improving the appearance and storefront of a business.

For more information on small business resources, contacting a neighborhood business manager, or signing up for the city’s small business newsletter, please visit: https://www.boston.gov/small-business.