Program Name: NBForward!
Funding Organization: New Bedford Economic Development Council (NBEDC)
Contact Information: For questions about the program or application, please contact NBForward@nbedc.org.
Award Details: Grants of up to $20,000 will be provided in conjunction with matching financing and other technical assistance. Grant funds will be matched with an NBEDC loan with deferred payments for three months. The minimum loan amount is $10,000, and the maximum loan amount is $200,000.
Eligibility:
- For-profit businesses that have a physical location and are registered within the City of New Bedford (evidenced by providing business tax return filings) and continue to suffer adverse effects of the COVID-19 pandemic (must have been in business by January 1, 2020).
- For-profit businesses that have been in operation for two years and located in New Bedford evidenced by providing business licenses.
- Businesses that are chains or franchises are not eligible to apply.
- Businesses including liquor and tobacco stores, pawn shops, adult entertainment establishments, passive real estate investments, or businesses that do not meet all local, state, and federal laws and restrictions are also ineligible.
Other Relevant Information: The grant funds can be used for various purposes such as business lease or mortgage payments, utility payments, insurance costs, payroll, inventory expenses, reimbursement of business expenses incurred after March 3, 2021, improvements designed to limit the spread of COVID-19, and other approved business fixed and operating expenses. Disproportionately impacted businesses may also use grant funding for lease-hold improvements, construction/renovations of existing property or acquisition of new equipment/property. To apply for the grant opportunity through Submittable platform visit this link: https://nbedc.submittable.com/submit