Mayor Jon Mitchell introduced right now that $3.3 million in funding is being made accessible to assist native companies and entrepreneurs.
Earlier this 12 months, the Metropolis launched a Small Enterprise Help Program to distribute parts of federal funding that New Bedford acquired beneath the American Rescue Plan Act (ARPA). On Might 13, Mayor Mitchell and native arts leaders celebrated funding for native artists and humanities teams, awarded by means of the small enterprise program.
That very same program is now allocating one other portion of its funds, to help native companies and entrepreneurs affected by the COVID-19 pandemic and speed up their monetary restoration. The funding shall be distributed beneath two separate initiatives: NBForward!, which can present funding to companies negatively affected by the pandemic, and NB100!, which can give attention to helping early-stage entrepreneurs affected due to their business or location.
The New Bedford Financial Improvement Council (NBEDC) shall be tasked with administering the respective grant processes as an growth of their long-standing small enterprise assist actions.
The NBEDC’s two awarded applications will give attention to small companies and homegrown start-ups through new, streamlined processes which can be designed to be simple to entry, versatile, environment friendly, and measurable in final result, with a purpose of positioning New Bedford as one of many strongest and most numerous small enterprise economies per capita within the post-pandemic Commonwealth.
“Entrepreneurs drive alternative and development in our economic system. Positioning them for fulfillment will speed up New Bedford’s emergence from the pandemic,” Mayor Jon Mitchell mentioned. “The New Bedford Financial Improvement Council has a confirmed monitor document of supporting small companies, and these two new applications will leverage their expertise and experience.”
“Connectivity is important to assist small companies obtain success all through the enterprise lifecycle,” says Anthony Sapienza, President of the New Bedford Financial Improvement Council. “From starting to finish, each NB100! and NBForward! are designed to not solely present New Bedford companies with much-needed monetary assist to return out of the pandemic, but additionally the technical know-how needed to stay viable and vibrant for years to return. Irrespective of the place somebody could also be of their entrepreneurial journey—whether or not they be simply beginning out or a well-established operation—in New Bedford we now have a pathway accessible for them.”
The NBEDC’s new NBForward! program will provide no less than 100 grants of as much as $20,000 – along side matching mortgage financing from different, non-ARPA sources, and with funds deferred for 3 months – together with technical help together with enterprise planning, useful resource steerage, and greatest practices.
NBForward! is designed to supply current native companies with working capital to place themselves for future development. Eligible makes use of of the capital embrace:
- Enterprise lease-hold enhancements, building, renovations (with documented building-owner approval and Metropolis allow verification)
- Enterprise lease or mortgage funds
- Enterprise utility funds
- Enterprise month-to-month insurance coverage prices
- Enterprise payroll
- Enterprise stock bills
- Different permitted enterprise fastened and working bills
The brand new NB100! program goals to advertise entrepreneurship, develop native wealth, and strengthen group bonds by serving to 100 new companies get off the bottom. As the primary section of help, the NBEDC will lead technical help delivered by New Bedford SourceLink useful resource companions, together with: EforAll, Groundwork, Co-Inventive Heart, New Bedford Ocean Cluster, UMass Dartmouth, Bristol Group School, and Junior Achievement.
As a separate and subsequent section, the NBEDC will provide $10,000 grants to eligible small companies which have efficiently accomplished the technical assist program. Eligible makes use of of these grant funds will embrace:
- Enterprise lease or mortgage funds
- Enterprise utility funds
- Enterprise month-to-month insurance coverage prices
- Enterprise payroll
- Enterprise stock bills
- Acquisition of recent tools/property
- Development/restore of current property
- Reimburse enterprise bills incurred starting March 3, 2021
- Working capital for different working bills
NBEDC workers shall be engaged in managing each applications to make sure an environment friendly assessment and approval course of for eligible candidates. The formal utility course of shall be accessed through the NBEDC homepage at: https://nbedc.org.
Study extra on the Metropolis’s ARPA web site: www.newbedford-ma.gov/arpa.
https://www.newbedford-ma.gov/weblog/information/mayor-mitchell-announces-new-grant-opportunities-for-local-businesses-and-entrepreneurs/