Shelby County Emergency Financial Assistance Programs

Program Name / Max Amount Program Details & Approved Uses Eligible Industries How to Apply

Small Business Administration Economic Injury Disaster Loan

Unsecured Loan: Up to $25,000 (first $10,000 is a grant).

Secured Loan: up to $2 million.

Can be used for working capital to pay debt, vendors, payroll and disaster related obligations.

Interest rates: 2.75% for non-profits; 3.75% for all others.

A small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profits or 501(c)(19) veterans organizations affected by COVID-19. Other businesses may be eligible, see SBA guidelines here.

Eligible businesses include retailers, restaurants, recreational and tourism-based, manufacturers, rental property landlords, hotels, wholesalers, agriculture cooperatives and aquaculture enterprises.

Online: https://covid19relief.sba.gov/#/.

SBA will make direct contact with applicants.

Previous Applicants: Previously submitted applications for the EIDL are still being processed by the SBA on a first come, first serve basis. There is no need to reapply.

Small Business Administration Paycheck Protection Program

Forgivable loan for small businesses with less than 500 employees. Proceeds are 2.5x total payroll including benefits and taxes. No personal guarantee or collateral required.

Can be used for payroll, rent, mortgage interest or utilities, and other expenses such as debt and working capital.

The funds are forgivable only if 75% of funds are used to cover payroll and up to 25% for eligible non payroll costs at least 8 weeks after loan disbursement. If forgiveness is not granted, it becomes a loan at 1% interest repaid over 2 years.

Business must be operating as of 02-15-2020 with employees for whom you paid salaries and payroll taxes. Structure can be sole proprietorships, independent contractors and self-employed persons, LLCs, corporations, partnerships, private non-profits, 501(c)(19) veterans’ organizations and franchisees. Other businesses may be eligible, see SBA guidelines here.

Borrowers must be able to certify in good faith that their PPP loan request is necessary at the time of application.

Payments to1099 contractors are not counted toward payroll costs or the total loan amount.

Must apply with an SBA approved lender.

Where to Apply:

See a list of Memphis Area banks

Other approved SBA lenders

Previous Applicants: The SBA is not requiring new applications for those who previously applied. However, borrowers may revise previous applications according to their revised standards with your lender.

For assistance with your application, you can view the National Development Council’s Helping Entrepreneurs Complete Strong PPP Applications webinar.

City of Memphis Micro Loan Fund Economic Hardship Emergency Loan

Loans range from $2,000 up to $5,000.

For emergency working capital for expenses such as business rent or mortgage payments, payroll, supplier and vendor payments, insurance and utilities.

No interest due on loans for 6 months.

Borrower's primary residence & business must in the City of Memphis; have $1 million or less in revenue, operating for 3 years; and be certified with the City of Memphis Office of Diversity and Compliance (OBDC).

All for-profit industries, except non-profit, government, religious or retail are eligible.

Apply by phone: 901-636-9300

Apply by email: jerry.brack@memphistn.gov

City of Memphis Micro Loan Fund, Small Business Resiliency Loan Fund

Loans range from $5,000 up to $35,000.

Can be used as essential working capital for expenses such as business rent or mortgage payments, payroll, supplier and vendor payments, insurance and utilities, equipment purchases and construction.

Delayed payments for 3 months.

Borrower's primary residence & business must be in the City of Memphis, have $1 million or less in revenue, operating for 3 years, and be certified with the City of Memphis Office of Diversity and Compliance (OBDC).

All for-profit industries, except non-profit, government, religious or retail are eligible.

Apply by phone: 901-636-9300

Apply by email: jerry.brack@memphistn.gov

MMBC Council Continuum Working Capital Loan Fund

Up to $100,000 for working capital.

Available to businesses who have existing contracts with an MMBC Continuum corporate member.

For more information contact Working Capital Loan Manager at 901-525-6512.

Memphis Medical District Collaborative Small Business Remobilization Fund

Up to 30% of funding COVID-19 funding assistance already awarded up to $10,000.

Funds can used to pay for operating capital, insurance, utilities, payroll, inventory, furniture, fixtures, equipment, debt refinance, marketing and retrofitting to accommodate social distancing. Applications must include explanation intended use of funds.

- Be located within the Memphis Medical District's boundaries.

- Business must provide goods and services for the residents, employees, and students in the Medical District

- Business must have been awarded COVID-19 emergency support dollars from a CDFI or other agency.

Ineligible businesses include payday lenders; liquor and tobacco stores; pawn shops; weapons dealers or shops; adult entertainment; passive real estate investors and home-based businesses.

Apply Online

Loan details can be found > here

EDGE NEED Grant

Businesses still open with a plan for 90 days of continuous operation can qualify for up to $10,000.

Temporarily closed businesses with a plan to reopen within 90 days, can qualify for $5,000.

Can be used for working capital costs such as rent or mortgage payments, supplier and vendor payments, insurance and utility bills, and payroll.

Business must remain operational for three years after grant award to maintain forgivable status.

- Business most have at least 25% revenue losses because of the virus

- Less than $1 million in annual revenues

- Located in a distressed area

- Must be a commercial enterprise located in the South City neighborhood (map), and

Current on City & County property taxes.

Ineligible industries include liquor and tobacco stores; adult entertainment; pawnshops, payday and title loans; car dealers, ministorage, gas stations, lending institutions; real estate development or rental; insurance; private clubs; non-profits including religious entities; home-based businesses and governments.

All others are at the discretion of the Economic Development Finance Committee.

Click here for the application

Email completed application to: need@growth-engine.org

Questions: Please email need@growth-engine.org or call 901-341-2100

*Must complete web-based counseling to qualify. Details on available sessions will be made to each applicant.

Pathway Lending Restart Loan Program

Up to $25,000 at 4% fixed interest rate for 66 months, with no origination fees or prepayment penalty. Delayed payments for up to 6 months.

Covers operating expenses including inventory, working capital, payroll and other mobilization expenses. Closing costs can be paid from proceeds.

A restart plan outlining how they will spend the funds is required. Pathway will provide assistance with plan creation.

Must be a small, minority- and women-owned business operating in Shelby County.

Ineligible businesses include those 33% or more of their revenue from gambling; alcohol, tobacco and firearm retailers; financial institutions; non-profits; governments; check cashing and bail bondsman; adult entertainment and those primarily engaged in lobbying and political activities.

Call Travis Hughes at 888-533-7284

Visit www.pathwaylending.org

Pathway Lending Restart Loan Program – Medical District Collaborative

Up to $25,000 at 4% fixed interest rate for 66 months, with no origination fees or prepayment penalty. Delayed payments for up to 6 months.

Covers operating expenses including inventory, working capital, payroll and other mobilization expenses. Closing costs can be paid from proceeds.

A restart plan outlining how they will spend the funds is required. Pathway will provide assistance with plan creation.

May be used in addition to other Medical District Collaborative funding.

Must be a small business operating in the Medical District Collaborative’s footprint. See the map here

Ineligible businesses include those who earn 33% or more of their revenues from legal gambling; alcohol, tobacco and firearm retailers; financial institutions; non-profits; governments; check cashing and bail bondsman; adult entertainment and those primarily engaged in lobbying and political activities.

Call Travis Hughes at 888-533-7284

Visit www.pathwaylending.org

GoFundMe Small Business Relief Program

Up to $500 matching grant for small businesses who created and solicit donations through a GoFundMe account.

Funds can be used to either help care for its employees/workers or pay ongoing business expenses.

Only one grant per business.

Businesses are eligible if:

Have been negatively impacted by mandates related to the COVID-19 pandemic;

They are independently owned and operated;

Are not nationally dominant within their industry

Can raise at least $500 for the business through a GoFundMe fundraiser started because of the COVID-19 pandemic; and

There are no fraud reports made against it.

Ineligible businesses include franchises, chain, large company and any other business prohibited in GoFundMe’s Terms of Service

Steps to Apply:

-Make sure you add the hashtag #SmallBusinessRelief to your fundraiser story

-Fill out this form to confirm your small business

-Raise $500 from your friends, families, and other connections

See the Program’s FAQs herehttps://www.gofundme.com/terms

Sam’s Club/Local Initiatives Support Corporation (LISC) Small Business Grant Application

Grants of up to $10,000

Funds can be used to pay overhead costs, payroll, outstanding debt, upgrade technology and other operating costs.

Open to small businesses affected by the Covid-19 across the country, especially those in underserved communities, including entrepreneurs of color, women- and veteran-owned businesses that often lack access to flexible, affordable capital.

Applications will be reviewed based on criteria designed to prioritize particularly challenged businesses, and the final grantees will be randomly selected from the top scoring applicants.

Round three opens on May 14. Sign up here for an email alert with application details.

GlobalGiving Red Backpack Fund

$5,000 grants

Funds can be used for immediate operating needs and to support long-term recovery

-At least 51% majority women-owned

-Have withheld payroll taxes for at least one employee in addition to yourself

-Have a valid EIN number as a legal US business entity

-Employ fewer than 50 employees

-Earned $5M or less in annual revenue in the past 6 threes

-You are 18 years or older

Apply Online

Applications open in five cycles:

April 6-12

May 4-11

June 1-8

July 6-13

August 3-10

Awards will be announced 30 days after applications close for each round.

Community LIFT Recovery Loan

Up to $12,000 in funds, 60% forgivable

- Existing business owners in Memphis and Shelby County

- Aspiring business owners with plans to open in Memphis and Shelby County

- Community Development Corporations in Memphis

- Charter Schools in Memphis

Apply Online

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