RALEIGH (WTVD) -- Raleigh City Council approved $1 million to support a grant fund designed to help keep small businesses afloat during the coronavirus pandemic.
Small businesses have been hardest hit by the economic turmoil caused by the growing number of COVID-19 cases. The federal government created PPP loans, but many small businesses were unable to get those loans due to a variety of problems.
In response, Raleigh City Council is stepping up to help.
The $1 million will go into the Carolina Small Business Development Fund (CSBDF).
Raleigh City Council hopes other businesses will help match that $1 million donation.
"If just 40 businesses contributed $25,000 each, we would reach our goal. We are all in this together and can only be successful together," Mayor Mary-Ann Baldwin said.
The application process for getting the money has not been created yet. However, city leaders said that should be finished soon.
Eligible businesses can get up to $10,000 to be used for business expenses at the owner's discretion. However, the owner cannot use the money to pay themselves.
Eligible businesses must have fewer than 50 employees, a storefront, a revenue cap under $2.5 million, and be able to show at least a 25 percent loss of revenue due to COVID-19.
$1M in grant money created for Raleigh small businesses dealing with COVID-19 revenue loss