Small Business Stabilization Fund Grants Application Deadline Extended!
The Seattle Office of Economic Development has extended the application deadline for the Small Business Stabilization Fund until November 14 at 11:59 p.m!
In addition, the City of Seattle added $2 million to the Stabilization Fund to support small businesses and organizations impacted by the new vaccination verification requirement.
The Office of Economic Development to Provide In-Language Assistance and Host Informational Webinar to Help Small Business Owners and Nonprofits Apply
The City is accepting applications for the Small Business Stabilization Fund (SBSF) provided by the Seattle Office of Economic Development (OED). OED will award an additional $4 million in grants to help stabilize micro and small businesses negatively impacted by COVID-19 as the City transitions from emergency response to economic recovery.
This new round of the SBSF will provide $5,000, $10,000 and $20,000 grants to be used on operational expenses such as rent, wages and equipment. Applications will be accepted until November 14 at 11:59 p.m.
“Over the last 20 months, the COVID-19 pandemic and the resulting economic crisis has had an undeniable impact on our small business community in every neighborhood across Seattle. From the initial days of the pandemic, the City of Seattle, and the Office of Economic Development has worked hard to support our City’s vibrant small businesses and provide financial assistance to those who need it the most,” Said Mayor Jenny Durkan.
To date, OED has awarded over $10 million in direct funding to nearly 1,500 small businesses who have been impacted by the economic downturn of COVID-19 throughout Seattle.
To be eligible to apply for the Small Business Stabilization Grant:
- must be a small business or nonprofit must be currently open and operating
- have 50 or fewer full-time equivalent employees
- be located within Seattle city limits
- have no more than two locations
- have an annual net revenue at or below $2 million
- have an annual net loss totaling or exceeding the grant amount applied for according to City Business and Occupation (B&O) data.
Nonprofits will be eligible if they are performing arts organizations, cultural institutions and organizations that provide technical assistance to businesses. To ensure businesses most likely to have experienced disproportionate financial loss are supported, funding will be prioritized for applicants that have inequitable access to capital, including applicants meeting any of the following criteria: Owned/led by Black, Indigenous, and people of color (“BIPOC”); owned/led by women; located in a census tract with at least 30% poverty or not exceeding 60% area median income (consistent with the U.S. Small Business Administration’s eligible “low-income community” census tracts). All businesses and nonprofit organizations that receive a grant must commit to not reducing wages and benefits provided prior to the COVID-19 emergency. For more information on all eligibility requirements and the application process, visit seattle.gov/SmallBusinessStabilizationFund.
To assist small business owners in preparing the information necessary to apply for a grant, OED will host a virtual webinar on October 21 at 2 p.m. OED will record the webinar, and make the recording accessible on their website for interested applicants unable to attend live on October 21. Bilingual interpretation and translated materials will be available in Amharic, Chinese, Korean, Somali, Spanish, Thai and Vietnamese.
For accommodations, accessibility information or language access support, please contact the Seattle Office of Economic Development at 206-684-8090 or email@example.com.