Division of Small Business

Need some emergency funds for your DE small business because of coronavirus? Here are some possible sources

We’re keeping a running list of sources of emergency funding for your Delaware small business economically affected by Coronavirus. We’ll update the list as we learn of more.

Here’s what we’re aware of so far.

As of May 20

The federal CARES Act includes a $350 billion Paycheck Protection Program that provides forgivable loans for small businesses that keep workers employed. It also covers independent contractors and self-employed individuals. The program starts accepting applications from small businesses on April 3. Independent contractors and self-employed individuals can begin applying on April 10.

Click here for more information.

Click here for an application.

The Paycheck Protection program also includes $12 million in loans for Delaware nonprofits. Apply through the National Development Corporation and Stepping Stones Community Federal Credit Union.

Click here for an application and information. Applications open at 9 a.m. on April 24.

The federal CARES Act includes an Employee Retention Tax Credit for businesses that are closed, partially closed or experiencing significant revenue losses.

Click here for more information.

Local Initiative Support Corporate is offering grants of $5,000, $7,500 or $10,000 thanks to donations by Verizon and Sam’s Club. The grants are especially for entrepreneurs of color, women-owned businesses and businesses in underserved communities that don’t have access to affordable capital.

Applications for the first round of grants are due by 11:59 p.m. on April 28.

Click here for an application.

SheaMoisture announces a $1M Fund to support entrepreneurs of color and small businesses, driven by its long-established Community Commerce business model. The grant intends to show the power of small businesses to help communities, while also hoping to minimize the financial disruptions many are experiencing from the global outbreak of COVID-19.

Click here for more information.

Honeycomb, an investment crowdfunding platform, announced a small business relief loan program that’s providing $10,000 to $50,000 in working capital to qualifying businesses.

Click here for more information.

Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of our broader mission to ensure Business for All. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community.

Click here to apply.

The state of Delaware Hospitality Emergency Loan Program provides no-interest loans of up to $10,000 per month for businesses in specific segments of the hospitality industry, including restaurants and bars. The program is limited to businesses in certain NAICS Codes.

Click here for more information.

The U.S. Small Business Administration provides low-interest loans of up to $2 million for small business and nonprofits regardless of industry.

Click here for more information.

FINANTA, a Philadelphia-based nonprofit that serves Delaware, is offering emergency loans from $5,000 to $15,000.

For more information, contact FINANTA at (267) 236-7030 (English) or (267) 236-7019 (Spanish).

Click here for the FINANTA website.

Facebook plans to roll out the Facebook Small Business Grants program.

The company will provide $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in the 30 countries in which Facebook operates.

Facebook says it will release details and begin taking applications in the coming weeks.

Delaware Restaurant Association Emergency Action Trust provides grants of $500 to full-time restaurant industry workers who are out of work or who have had their hours reduced.

Click here to apply or to make a donation.

Beauty Changes Lives is offering $1,000 grants to licensed beauty professionals or students of beauty programs who are unemployed and can’t maintain their regular income.

Click here to apply.

Generously funded by CND Creative Nail Design, these grants will provide financial assistance to nail professionals, whose lives have been drastically changed by the mandated closures in response to COVID-19. Available to licensed nail professionals who cannot maintain their regular income during this time, these one-time $1,000 grants will be distributed directly to provide temporary financial relief.

Click here to apply.

Spanx Red Backpack Fund for women entrepreneurs is offering 1,000 grants of $5,000 to female entrepreneurs in the U.S.

Click here to apply.

Save Small Business, an initiative of the U.S. Chamber of Commerce, is offering $5,000 grants to small businesses of three to 20 employees.
Applications open April 20.
NOTE: The loan program stopped taking applications on April 21.

Click here to apply.

West Side Grows is offering $500 grants to West Side Wilmington small businesses that have lost revenue due to coronavirus.

Click here to apply.

Salesforce is offering $10,000 grants to affected small businesses.

Applications for Delaware businesses open on April 24 and close May 1.

Click here to apply.

Our Fair Share helps minority small business owners, nonprofits and independent contractors to apply for PPP loans.

Click here for more information.

Reach Riverside is offering a Relief Fund for residents of Wilmington’s Riverside neighborhood.

Click here for information.

Magic Johnson Enterprises and MBE Capital Partners are offering $100 million in loans to minority- and woman-owned businesses through the Payroll Protection Program.|

The Delaware Division of Small Business wants to help you start and grow your business in Delaware.

Contact us to see how we can help you.

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