Boston Buzz: Mayor Announces $10 Million Fund for Small Businesses

Boston Buzz: Mayor Announces $10 Million Fund for Small BusinessesBoston Buzz: Mayor Announces $10 Million Fund for Small Businesses Boston Mayor Michelle Wu has announced the establishment of a $10 million fund to support small businesses in the city. The fund, known as the “Boston Small Business Relief Fund,” aims to provide grants of up to $25,000 to eligible businesses impacted by the COVID-19 pandemic and other economic challenges. Mayor Wu emphasized the critical role that small businesses play in the city’s economy: “Our small businesses are the backbone of our neighborhoods and our economy. They create jobs, provide essential goods and services, and bring vitality to our streets. This fund will help them recover from the pandemic and continue to thrive.” Eligible businesses can apply for grants of up to $10,000 for working capital, inventory, and equipment. Businesses with annual revenues of less than $500,000 and at least one full-time employee are eligible. In addition, businesses owned by women, minorities, veterans, and people with disabilities will receive priority consideration. The fund will also support businesses located in economically distressed areas and those that provide essential services to the community. The Boston Small Business Relief Fund is made possible through a partnership between the City of Boston and several local banks. Businesses can apply online through a streamlined application process. The deadline to apply is May 31, 2023. “We know that small businesses are facing unprecedented challenges right now,” said Acting Chief of Economic Development Sheila Dillon. “This fund will provide them with the resources they need to survive and succeed.” The announcement of the Boston Small Business Relief Fund has been met with enthusiasm by local business owners. “This is a lifeline for our business,” said Maria Martinez, owner of a small café in East Boston. “We’ve been struggling to keep our doors open, and this grant will allow us to continue serving our community.” The fund is part of Mayor Wu’s broader economic recovery plan for Boston, which includes investments in affordable housing, job training, and infrastructure. By supporting small businesses, the City of Boston aims to create a more equitable and resilient local economy for all.