Edmonds offers second round of business support grants
Applications accepted through Oct. 21
Last updated 10/15/2020 at 11:33am
After a successful initial business grant program during this summer, and fueled by an additional allocation of funds from the federal CARES Act, the city of Edmonds on Oct. 7 announced a second round of business support grants of up to $10,000 each.
A two-week application period begins immediately, with an application deadline of 5 p.m. Wednesday, Oct. 21. The first rounds of grants saw the vast majority of more than 90 Edmonds business receiving $8,000.
On Oct. 6, City Council approved an additional infusion of $430,000 to the program as part of the Edmonds Cares Fund, for a combined total of up to $1.13 million in grants to small businesses in Edmonds that meet the following eligibility criteria:
• Businesses with zero to 30 employees (part-time and full-time combined);
• In business in Edmonds at least one year as of Oct. 1, 2020;
• Demonstrated year-over-year business/revenue loss of at least 30% in April or May 2020; and
• Declared intent and expectation to remain in business at least four months after receipt of the grant.
The forgivable loans will become grants to awarded establishments after four months if still in business.
Given the city's expectation that applicants for these grants may likely outstrip the number of grants able to be awarded, there will also be selection criteria employed to identify awardees.
Among the selection criteria, particular consideration will be given to:
• Businesses owned by people of color, women, veterans, and other minorities;
• Businesses that have received no or lower levels of other grant monies from local, county, state, and federal programs;
• Businesses that have received relatively greater business/revenue losses;
• Geographic distribution across Edmonds;
• Businesses in the creative sector within the Edmonds Creative District.
"I am very pleased that the City Council and my administration worked together successfully to create the Edmonds Cares Fund that allocates most of Edmonds' Federal CARES Act funds to the community," said Mayor Mike Nelson.
"The business support grant program is a cornerstone of this fund. The wide variety of businesses in Edmonds provide valuable local jobs and contribute to the great quality of life we've come to know and love. It is essential to help keep our local businesses afloat as we recover from the unprecedented economic crisis brought on by the COVID-19 pandemic."
More information and to apply: https://bit.ly/36IGm5u.
Questions? Economic Development and Community Services Director Patrick Doherty at [email protected] or 425-771-0251.