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LISC Toledo Announces Greater Toledo Small Business Stabilization Fund to Help Businesses Impacted by COVID-19

Local organizations contribute nearly $500K toward relief grants for local small business
6.12.2020

TOLEDO– Local Initiatives Support Corporation (LISC) continues its COVID-19 relief efforts with the launch of the Greater Toledo Small Business Stabilization Fund, which will make nearly $500K in grants available to local small businesses to help mitigate financial difficulties created by the ongoing pandemic.

Since April LISC has partnered with Verizon and Sam’s Club to distribute relief funding to hundreds of small business across the country impacted by the pandemic. Now, a group of private, public and philanthropic community organizations — the KeyBank Business Boost and Build Program, powered by JumpStart, the City of Toledo, Toledo-Lucas County Port Authority and ProMedica — have come together with LISC to create a new round of grant funding dedicated specifically to small businesses in Greater Toledo.
"The spread of COVID-19 is impacting all of us in all of our communities," said James Hoffman, president, Toledo Market, KeyBank. "Collaborative efforts, including this one involving KeyBank, JumpStart, LISC, ProMedica and other local organizations will help our communities and the thousands of people who rely on our region's urban-based small businesses for jobs, products and services in good times and bad."

"The City of Toledo COVID-19 response has prioritized support for small, local businesses,” said Toledo Mayor Wade Kapszukiewicz. “Using Cares Act Emergency Block Grant Funds to join private and non-profit partners in the LISC Stabilization Fund continues our commitment to provide needed relief to entrepreneurs, who through their creativity and tenacity contribute so much to our community and to our local economy.”

“COVID-19 has negatively impacted Toledoans in so many ways, and that is why it is so important to form partnerships to battle the challenges we are facing,” added Kapszukiewicz. “I want to thank LISC and the valued community organizations involved in this grant program for their efforts to help small businesses recover. This is a great example of the kind of public-private partnerships that communities across the nation need in order to emerge from this pandemic in a strong economic position.”

Eligible small businesses with one or more employees can receive grants in the amount of $5,000, $7,500 or $10,000 to assist with operating expenses incurred or paid after March 15, 2020.

Priority will continue to be given to small businesses in greatest need including those led by people of color, women and veterans, as well as those located in low- and moderate-income census tracts, LISC target areas and areas served by the Ebeid Neighborhood Promise.

“We know these businesses are the least likely to have access to resources to help them weather this storm,” said Sarah Allan, LISC Toledo program officer. “These grants support not only Toledo small businesses, but the surrounding neighborhoods that depend on them.”
Applications are now open online at https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/ and must be completed by 11:59 PM on Wednesday, June 17. The application is offered in 14 languages and takes less than 10 minutes to complete on average.

Eligible small businesses will be entered into a lottery to determine grant awards. Applicants are not required to provide documentation until after selection and grant recipients will be notified within two weeks of application deadline.

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About LISC:
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families. Since 1979, LISC has invested $22 billion to build or rehab more than 419,000 affordable homes and apartments and develop 70.3 million square feet of retail, community and educational space. In Toledo, LISC has focused on a comprehensive approach to community development, investing $160 million to fuel economic opportunity, and build stronger, healthier neighborhoods. For more information, visit www.lisc.org.