GRAND RAPIDS, Mich. — A Grand Rapids foundation announced Wednesday the creation of a fund dedicated to provide short-term, emergency financial relief to small businesses impacted by COVID-19 related closures.
The Greater Grand Rapids Chamber Foundation started the Rapid Response Economic Relief Fund, which has already started to award grants, provides $5,000 - $10,000 to small Kent County businesses located with five to 25 full-time employees.
The fund has raised more than $1 million so far and seeks to raise $3 million in total. Recipients will also receive backroom financial support and business consultant services to help with financial planning.
The fund seeks to act as a financial bridge to small businesses whether they are awaiting assistance from the federal government's programs or if they cannot access local, state, or federal relief funds.
The Chamber Foundation has connected with the West Michigan Hispanic Chamber, Grand Rapids Area Black Businesses (GRABB), Start Garden, The Right Place, SpringGR, Ferris Emprende, Local First, and Area Neighborhood Business Associations to find applicants and to ensure a wide range of the population has access to these funds.
The fund has already authorized 44 grants totaling $415,000. Organizations receiving support are 97% minority-owned and 50% women-owned.
Business owners interested in applying for support should visit the Grand Rapid's Chamber Foundation's website for more information.
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