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LISC launched the Small Business Recovery Grant Program with seed funding provided by Citizens Bank as part of the LISC Rapid Relief & Resiliency Fund for Massachusetts. The Fund aims to provide grants, critical technical assistance and generate longer-term funding to help vulnerable businesses and community-serving nonprofits weather the effects of the pandemic.
Supporting Capacity of the Business Support Network. Vulnerable businesses will need more than capital to survive this crisis – they will need technical assistance to access public funding and pivot their business strategy to survive the short and long-term impacts of the crisis. Critical community-serving nonprofit organizations that work with small businesses and others also need support to weather funding disruptions and to respond to constantly evolving needs in their communities. LISC seeks to dedicate a portion of the Fund to supporting these organizations in their response to the COVID-19 crisis.
Focus on Equity. LISC seeks to support vulnerable businesses and communities that struggled to access capital, build capacity and grow wealth before this crisis, and which are particularly threatened by this crisis. We anticipate giving funding priority to minority and women-owned businesses and businesses in low-income communities, and the organizations and networks that support them.
Limited Tax Credits Available. Early funders wishing to designate a portion of their contribution to support the capacity of community development corporations to respond to the crisis in their communities may be eligible for a 50% Community Investment Tax Credit, to the extent of available credits.
To learn more or to donate to the Rapid Relief & Resiliency Fund for Massachusetts, contact Karen Kelleher, firstname.lastname@example.org, 617-410-4333.
To donate online, click here.
To kick off the Rapid Relief and Resiliency Fund for Massachusetts, LISC and Citizens launched the Small Business Recovery Grants Program.