Small Business Live Restart Grant Fund

 

Update on Small Business Live Restart Grant Fund

Accion Opportunity Fund is thrilled to announce the selection of small business owner grantees who will receive $5,000 grants as part of the Small Business Live Restart Grant Fund. We are grateful to all who supported this effort to shine a spotlight on the challenges facing small business owners and the vital role they play in creating economic opportunity and thriving communities across the country.

 

Selected grantees hail from 23 states and Puerto Rico, with 67 percent of grantees being entrepreneurs of color and 68 percent being women. They represent diverse industries including counseling, painting, landscaping, trucking and transportation, auto repair, restaurants, bakeries, food trucks, salons, construction, recreation, physical therapy, daycare and child education, retail, and more. Grantees report they plan to use the funds for a variety of business-related expenses, including operations, payroll, rent and cash flow. All grants have been disbursed, and financial information for all applicants has been deleted.

 

If you are a small business owner who applied and have not received an email indicating the status of your application, please check your spam filter or email usinfo@accion.org.

 

Small Business Live, the virtual philanthropic music experience that took place on June 20, featured performances by some of music’s biggest stars live across the country: Ms. Lauryn Hill, 2 Chainz, Brittany Howard, Brandi Carlile, Leon Bridges, T-Pain, and more. On-site at local small businesses close to their hearts, as well as other unique locations, artists shared with viewers their personal stories behind what each business means to them. The event was live-streamed on over 15 digital channels and viewed by millions of people. Clips of the musicians’ performances and the small businesses featured in the event can be viewed here.

 

Though the challenges facing small business owners have recently gained heightened visibility, entrepreneurs of color and female entrepreneurs have long faced greater hurdles to accessing capital as they start or grow a business. Entrepreneurs of color are disproportionately denied credit when they apply for it even after controlling for other variables such as business credit scores, personal wealth, and revenues. Wealth disparities in underserved communities impact how much capital entrepreneurs are able to secure, and in turn their future opportunities to build financial stability. These inequalities have been exacerbated by the COVID-19 pandemic, which has had a disproportionately negative effect on low-wealth communities and communities of color. Today’s realities make our work of over 30 years even more important and makes the visibility and financial support Accion Opportunity Fund generated during Small Business Live more valuable in our fight for racial and economic justice.

 

We are happy to report that Small Business Live generated nearly $1 million to support small business, nearly $500,000 to support small business grants as well as a $500,000 grant from TikTok that will support Accion Opportunity Fund’s efforts to reach more entrepreneurs of color with access to capital and business support more broadly.

 

We are especially grateful to the Tripadvisor Foundation, TikTok, Superfly, Bloomberg Philanthropies, the Karsh Family Foundation, Citi, the S&P Global foundation, and all the individuals who supported us in raising awareness about the critical role of small business in our communities.

 

What is the Small Business Live Restart Grant Fund?

Small Business Live was a philanthropic musical experience focused on raising money for small businesses impacted by COVID-19. Renowned artists delivered unforgettable performances from unique locations, and share stories of the small businesses they know and love across the country. Before, during, and after the event, corporations and individuals have donated to the cause, which will provide $5,000 grants to small business owners, with a focus on entrepreneurs of color and women.

 

Small Business Live fue una experiencia musical filantrópica enfocada en recaudar fondos para pequeñas empresas afectadas por el COVID-19. Reconocidos artistas ofrecieron actuaciones inolvidables desde lugares especiales y compartieron historias de pequeñas empresas que conocen y aman en todo el país. Antes, durante y después del evento, corporaciones y personas han hecho donaciones a la causa, lo que proporcionará subvenciones de $ 5.000 a propietarios(as) de pequeñas empresas, especialmente a empresarios(as) de color y mujeres.

What are the criteria for eligible small businesses?

You must 1) be a small business owner based in the United States or a U.S. territory 2) have been in business for at least one year (since June 2019) and 3) meet one of the following criteria to be eligible:

  • Entrepreneur of color
  • Female entrepreneur
  • Business annual revenue of less than $1 million

 

Debe 1) ser propietario(a) de una pequeña empresa con sede en los Estados Unidos o en uno de sus territorios. 2) negocio activo durante al menos un año (desde junio de 2019) y 3) cumplir con alguno de los siguientes criterios para ser elegible:

  • Emprendedor(a) de color
  • Mujer emprendedora
  • Ingresos anuales del negocio menores a $ 1 millón
How large are the grants?

Each grant will be $5,000.

 

Cada subvención será de $ 5.000.

How do I apply?

We are no longer accepting applications for this grant. Applicants will be notified of their status by email by July 14.

How long do I have to apply?

The application will be open for seven days, from Tuesday, June 23 to Monday, June 29 at 11:59pm CT. Grant selection is NOT made on a first-come, first-served basis. There will be a random selection process across all eligible applicants, so there is no benefit to submitting your application early.

 

El proceso estará abierto durante siete días, desde el martes 23 de junio hasta el lunes 29 de junio a las 11:59 p.m. CT. La selección NO se llevará a cabo por orden de llegada. Habrá un proceso de selección aleatorio para todos los solicitantes elegibles, por lo que no le beneficia presentar su solicitud antes de tiempo.

What languages will the application be available in?

The application will be available in English and Spanish.

 

La aplicación estará disponible en inglés y en español.

Can my business apply more than once?

No, you may not apply more than once. We want to give as many businesses that apply as fair a chance possible, so everyone will only be allowed to apply one time. If we determine that the same business has applied more than once, the applicant will be disqualified.

 

No, no puede hacer más de una solicitud. Queremos brindar a la mayor cantidad de negocios posible las oportunidades más equitativas, así que cada quién podrá hacer solo una solicitud. Si encontramos que la misma empresa ha hecho más de una solicitud, será descalificada.

What documents do I have to submit with my application?
  • 2018 or 2019 tax returns
  • Business bank statements from June 2019, September 2019, December 2019, March 2020
    • For sole proprietorships, please provide Schedule-C if you do not have business bank statements
  • A valid identification card (driver’s license, government-issued ID card, passport, matricula)
  • Bank account information for ACH transfer

 

  • Declaraciones de impuestos de 2018 o 2019
  • Estados de cuenta bancarios de la empresa de junio de 2019, septiembre de 2019, diciembre de 2019 y marzo de 2020
    • Para firmas unipersonales, suministre el Anexo C si no tiene cuenta bancaria de empresa
  • Una identificación válida (licencia de conducir, tarjeta de identificación emitida por el gobierno, pasaporte, matrícula)
  • Información de la cuenta bancaria para la transferencia ACH
What if I don’t have 2018 or 2019 tax returns?

People without 2018 or 2019 tax returns are not eligible to apply.

 

Las personas que no han declarado impuestos en 2018 o 2019 no son elegibles para aplicar.

What if I don’t have a business bank account to provide business bank account statements?

If you are a sole proprietor, you can provide your Schedule C instead. If you are not a sole proprietor, you must submit business bank statements to be eligible. If you are not able to do that, your application will not be considered.

 

Si usted es propietario(a) único(a), puede proporcionar el Anexo C en su lugar. Si no es propietario(a) único(a), debe presentar estados de cuenta bancarios del negocio para ser elegible. De no ser así, su solicitud no será tomada en consideración.

Why do I have to submit my bank information?

Bank information is submitted to make the deposit of grant funds via ACH if you are selected as a grantee. This information will only be used if you are selected.

 

La información bancaria se envía para realizar el depósito de los fondos de la subvención a través de ACH, si es seleccionado(a) como beneficiario(a). Esta información solo se usará si usted es seleccionado(a).

What if I am unable to upload all of the information requested?

You must provide all documentation requested. Incomplete applications will not be considered.

 

Debe proporcionar toda la documentación solicitada. Las solicitudes incompletas no serán procesadas.

I am a sole proprietor. Am I eligible?

Yes, sole proprietors are eligible to apply.

 

Sí, los(las) propietarios(as) únicos(as) pueden aplicar.

Is this grant open to small business owners outside the U.S.?

The fund is open to small business owners in the 50 United States and the 14 U.S. territories, including Puerto Rico and American Samoa.

 

El fondo está abierto a propietarios de pequeñas empresas en los 50 estados y en los 14 territorios de los EE. UU, incluyendo a Puerto Rico Samoa americana.

What if I am an employee at a small business or serve in a management role at a small business, can I apply on its behalf?

You must own a small business to be eligible. Employees of small businesses are not eligible for this grant.

 

Debe ser dueño(a) de una pequeña empresa para ser elegible. Los empleados de pequeñas empresas no son elegibles para esta subvención.

I am the owner of a non-profit organization. Can I apply?

No, this opportunity is only open to owners of small businesses (for profit).

 

No, esta oportunidad solo está abierta para propietarios(as) de pequeñas empresas (con fines de lucro).

Can any business apply?

Businesses can apply from any industry EXCEPT the following, which are ineligible: 

  • National chain businesses or not-for-profit organizations that have a national affiliation
  • Branch Banks
  • Payday loan stores
  • Pawn shops
  • Astrology, palm reading
  • Liquor stores, night clubs
  • Adult bookstores, massage parlors, strip clubs
  • Track waging facilities
  • Trailer-storage yards
  • Junkyards
  • Marijuana dispensaries
  • Multi-level marketing
  • Churches (non-religious activities are eligible, i.e. if they have a bookstore or cafe)

 

Las empresas pueden dedicarse a cualquier tipo de actividad SALVO las siguientes, que no son elegibles:

  • Cadenas de negocios nacionales, u organizaciones sin fines de lucro con afiliación nacional
  • Sucursales bancarias
  • Locales de préstamos de día de pago
  • Casas de empeño
  • Astrología, quiromancia
  • Licorerías, discotecas y similares
  • Librerías para adultos, salones de masajes, clubes de striptease
  • Locales de apuestas
  • Zonas de almacenamiento de remolques
  • Depósitos de chatarra
  • Dispensarios de marihuana
  • Marketing multinivel
  • Iglesias (las actividades no religiosas son elegibles, es decir si tienen una librería o cafetería)
Do I have to be a United States citizen or legal resident to be eligible?

We do not request any information related to the immigration status of applicants. Eligible applicants must own a business, submit tax returns, and submit a copy of one form of photo identification, which could be a valid state-issued ID, a city-issued ID, a consular ID, a passport, driver’s license or a matricula.

 

No solicitamos ninguna información relacionada con el estatus migratorio de los(las) solicitantes. Los(las) solicitantes elegibles deben ser dueños(as) de un negocio, presentar declaraciones de impuestos y copia de algún tipo de identificación válida con foto, que podría ser emitida por el estado, o por la ciudad, una identificación consular, pasaporte, licencia de conducir o matrícula.

If I have multiple businesses in different communities, can I get multiple grants?

No, each individual business owner may only apply once and is only eligible to receive one grant even if he or she owns more than one business.

 

No, cada propietario(a) de una empresa individual solo puede presentar una solicitud y solo es elegible para recibir una subvención, incluso si posee más de una empresa.

Can I make changes to my application after submission?

No, you may not make any changes after the application has been submitted. We recommend that you save your application responses in a separate backup document just in case your answers are not saved. Please carefully review your application prior to submission, as you will not be allowed to review or change anything after you have submitted.

 

No, no puede realizar ningún cambio después de que se haya enviado la solicitud. Recomendamos que guarde las respuestas que incluyó en su solicitud en un documento de respaldo por separado, en caso de que haya problemas con sus respuestas. Revise cuidadosamente su solicitud antes de enviarla, ya que no se le permitirá revisarla o cambiarla después de haberla enviado.

Will I receive confirmation after the application has been submitted?

Yes, you will receive confirmation by email.

 

Sí, recibirá una confirmación por correo electrónico.

How are grant winners selected?

All grant recipients will be randomly selected. 50% of funds will be allocated to current Accion and Opportunity Fund loan clients. The other 50% of grantees will be selected from the broader pool of eligible applicants. The selection process will also ensure geographic and industry diversity. No more than 20% of grantees will come from any one region of the country (West, Southwest, Midwest, Southeast, Northeast), and no more than 20% will come from anyone industry according to the NAICS codes provided by applicants.

 

Todos los(las) beneficiarios(as) de subvenciones serán seleccionados(as) al azar. El 50% de los fondos se asignarán a clientes actuales de préstamos de Accion y de Opportunity Fund. El otro 50% de los(las) beneficiarios(as) serán seleccionados(as) dentro del grupo más amplio de solicitantes elegibles. El proceso de selección también garantizará la diversidad geográfica y de actividades. No más del 20% de los(las) beneficiarios(as) procederá de una región específica del país (oeste, suroeste, medio oeste, sudeste, noreste), y no más del 20% provendrá de un sector de actividad de acuerdo con los códigos NAICS proporcionados por los solicitantes.

When will grant winners be announced?

Grantees will be notified by July 14, 2020.

 

Los(las) beneficiarios(as) serán notificados(as) antes del 14 de julio de 2020.

How many grants will be awarded?

The total number of grants will depend on the total amount of funds raised in conjunction with the Small Business Live concert, which generated funds from corporate and individual donors. Donations will continue to be collected through June 26, which may increase the number of grants available. As of the opening date of the application, the Small Business Live Restart Grant Fund is estimated to support 90 businesses through grants.

 

El número total de subvenciones dependerá de la cantidad total de fondos recaudados en conjunto con el concierto Small Business Live, que generó fondos de donantes corporativos y personales. Las donaciones continuarán siendo recolectadas hasta el 26 de junio, lo que podría aumentar la cantidad de subvenciones disponibles. A la fecha de apertura de solicitudes, se estima que el Small Business Live Restart Grant Fund respaldará a 90 empresas mediante subvenciones.

When will the grant funds be distributed?

We plan to announce winners by July 14, and we plan to send the grant money immediately after the winners are announced.

 

Planeamos anunciar los(las) ganadores(as) antes del 14 de julio, y enviar el dinero de las subvenciones inmediatamente luego de que se anuncien los(las) ganadores(as).

How will I be notified if I will receive a grant?

All communications regarding the grant will be through emails from Accion, including the notification if you are selected to receive a grant. 

 

Todas las comunicaciones relacionadas con la subvención se realizarán a través de correos electrónicos de Acción, incluyendo la notificación si es seleccionado(a) para recibir una subvención.

How will the grant money be sent?

Grant money will be transferred through ACH directly to you using the bank information you provide during the application process.

 

El dinero de la subvención le será transferido a través de ACH directamente, utilizando la información bancaria que proporcione durante el proceso de solicitud.

Are there any obligations after I receive the grant money?

Our expectation is that you use the money for the purpose you described in your application. We also will be reaching out in 6 months to ask about the impact the grant has had on you and your business. If you are selected to receive a grant, please respond to that impact survey.

 

Nuestra expectativa es que utilice el dinero para el propósito que describió en su solicitud. También nos comunicaremos dentro de 6 meses para preguntarle sobre el impacto que tuvo la subvención en usted y su negocio. Si es seleccionado(a) para recibir una subvención, por favor responda entonces a la encuesta de impacto.