Posted on 04.14.2020
Karen E. Kelleher, Executive Director
LISC Boston | Local Initiatives Support Corporation
75 Kneeland Street, Suite 1102
Boston, MA 02111
Local Initiatives Support Corporation (LISC) Boston today announced the launch of the LISC Small Business Recovery Grant Program for Massachusetts, which will provide grants to hard-hit small businesses to weather the immediate financial impact of closures and social distancing measures required to slow the spread of the coronavirus.
LISC will offer grants of up to $10,000 to address immediate financial peril, limit layoffs, avoid gaps in employee benefits or insurance, mitigate economic instability and increase the likelihood of business survival. Launched with seed funding provided by Citizens Bank, the Small Business Recovery Grant Program is part of the LISC Rapid Relief & Resiliency Fund for Massachusetts. In addition to grants, the Fund also aims to provide much-needed technical assistance and longer-term funding to help vulnerable businesses and community-serving nonprofits weather the effects of the pandemic.
Small businesses employ nearly half the private workforce in Massachusetts and can be a path to economic stability for minority- and immigrant families. Many have come to a grinding halt, with little or no revenue and many bills still piling up. The CARES Act will help many, but some smaller and more vulnerable businesses will not be able to access federal programs, or will be unable to qualify for or support repayment of loans. Grants and technical assistance are critical to the survival of these businesses.
“The LISC Recovery Grant Program offers business leaders an opportunity to support the immediate needs of small businesses and helps set the stage for a sustainable and equitable recovery. We encourage business leaders throughout the state to join us in this effort to provide much needed resources to strengthen the foundation of our economy,” said Jerry Sargent, President of Citizens Bank, Massachusetts.
“Business stepping up to help business reflects the Commonwealth’s commitment to the resiliency of all of our communities and presents an opportunity to prioritize equity in our response to this crisis. We are grateful to Citizens for its leadership and partnership,” said LISC Boston Executive Director Karen Kelleher. “The need is compelling and the time is now. These businesses may not survive if we wait to see where need remains after federal aid flows.”
Applications will be accepted online from Monday, April 20 to Friday, April 24 through LISC Boston’s website, and will be supported in English, Spanish and other languages. To focus the grants where they will have the greatest impact, LISC is inviting business support organizations, small business accelerators, and community networks across the state to encourage the at-risk small businesses in their communities to apply.
Funding priority will be given to vulnerable businesses, including minority- and women-owned businesses and small businesses that are the lifeblood of low-income communities throughout the Commonwealth.
Businesses interested in applying can sign up to receive email updates regarding the program.
Click here for more on the program.
Read the full press release here.