The Small Business Administration is opening up funding opportunities in the areas of hospitality, entertainment, and small business support for underserved communities. You can learn about each of the new areas of support below.
Restaurant Revitalization Fund
The American Rescue Plan provides $25 billion for restaurants and other eligible businesses, hit hard by the pandemic, to help keep their doors open. The program will provide restaurants with funding equal to their pandemic-related revenue loss, up to $10 million per business, and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses, no later than March 23, 2023. Registration for the SBA application portal opened today. Click here to access the online application portal. Applications will open on Monday, May 3, 2021 at noon ET. Click here for more information.
Shuttered Venue Operators Grant (SVOG)
The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Eligible entities include: live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators (including owners), and talent representatives. Click here for more information. Click here for the application portal.
Community Navigator Pilot Program
Through the Community Navigator Pilot Program, the Small Business Administration (SBA) will engage with states, local governments, SBA resource partners, and other organizations in targeted outreach for small businesses in underserved communities. These efforts began with SBA issuing an Information Notice that offers advice and guidance on best practices for adopting the community navigator model for use by SBA district offices, state and local government partners, Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), Veterans Business Outreach Centers (VBOCs), SCORE, and other resource partners.
The Biden-Harris Administration and Congressional leaders supported a $100 million investment, as part of the American Rescue Plan, to establish Community Navigator Programs for individuals with disabilities and/or in minority, immigrant, rural, and other underserved communities across the country. The SBA will soon be announcing a new grant funding opportunity that will be open to proposals from SBA resource partners, local governments, tribes, and nonprofit organizations. The SBA is expected to release the Notice of Funding Opportunity by Friday, April 30, 2021. Click here for more information.