BEDFORD – Has your business been negatively affected by the coronavirus pandemic?
The Bedford Chamber of Commerce announces the application period for Phase 3 of funding from the Office of Community and Rural Affairs CDBG CARES Act is now open.
Applications for Phase 3 Small Business Grants will be accepted until June 11, 2021, at 4 p.m. EDT.
The grant is for-profit businesses located primarily in the City of Bedford
- Gross receipts equal to or less than $1 million per year
- 100 or fewer employees (full-time and part-time)
- Low to moderate-income owner (microenterprise) or 51 percent of employees retained are low to moderate-income on an aggregated basis
- Businesses must demonstrate direct financial impact/need as a result of COVID-19
- Preference is given to locally-owned businesses
- Preference is given to minority – women – and/or veteran – Owned businesses
Grant program to businesses to retain jobs, 51 percent of which are for persons who are determined to be low to moderate-income by job category.
- Grant Amount – $5,000 per job retained with a $10,000 maximum.
Complete the application which includes a business Form W-9, are to be submitted to the Office of the
Mayor, City of Bedford. (See application packet.)
- Application forms will be available at Bedford City Hall and on the city’s website, http://www.bedford.in.us/
- Applications are to be submitted to Bedford City Hall by June 11, 2021, by the close of business (4:00 p.m.). May be dropped off, mailed, or emailed to email@example.com.
- All applications received on or before that date will be considered filed at the same time
- Subsequent applications will be considered on a first-come, first-served basis as long as funds are available
- Scanned and e-mail applications, as well as digital signatures, will be accepted
- The business must enter into an agreement or contract to commit to remain open or reopen and make best efforts to remain in business for 2 years retaining the stipulated number of employees. The business must also provide annual reports to the city of the business status after the project is closed out by the Indiana Office of Community and Rural Affairs.
Grant approval decisions will be based on the ability of the business to demonstrate that a grant is necessary to retain low to moderate-income employees, that the grant will have a positive impact on employment, and that the business was viable before the public health crisis.
The scoring criteria include:
- Financial need
- The number of jobs held or retained (Must meet an aggregated 51 percent low to moderate-income employees.)
- Business will qualify based upon the retention of low- to moderate-income jobs
- Business is hospitality or retail-based
- Business location within the community
- Business is woman, minority or veteran-owned
- Business longevity
- Business is locally owned
- Did the business receive assistance previously?
An agreement or contract is required between the City and each successful business applicant prior to funds being released. Additionally, the loan committee reserves the right to request additional information as needed during the application review process.