Prosper Portland: Small Business Relief Fund
Applications are open Monday, Sept. 14 through Friday, Sept. 25 at 5 pm
On July 22, Portland City Council approved a plan to distribute $114 million in federal CARES Act (Coronavirus Aid, Relief and Economic Security) relief to the community.
City Council allocated $15 million to Prosper Portland to distribute to small business via the Small Business Relief Fund and block grants to community nonprofits.
Up to $12 million will be disbursed as grants of up to $25K through selected Community Development Financial Institutions (CDFI) partners. All have existing grant infrastructure in place and have extensive experience working with local small businesses. An additional $3 million will be allocated as block grants to community partners that can reach culturally specific populations to provide access to these funds. All those organizations will receive an administrative fee to support their capacity to deliver this work.
Distribution is guided by the city’s Equity Toolkit and the knowledge that Black people, Indigenous people and all people of color have experienced the greatest impacts from the pandemic and need the most support. These funds will serve applicants across multiple demographic categories; all small businesses that meet the eligibility requirements will be considered.
This round of funds has been informed by engagement and feedback from the Economic Recovery Task Force, the Council for Economic and Racial Equity, the Community Chamber Coalition of Oregon, City Council staff, the Inclusive Business Resource Network, the Neighborhood Prosperity Network, and cultural and industry-specific listening sessions.
We encourage arts and performance venues to apply for the PDXCares Venue Support program, which allocates a separate $2.5 million recovery fund for businesses and non-profit organizations defined as “venues” to cover losses, payroll, or operational gaps due to the pandemic. Learn more at racc.org.