Dayton empowers minority-and women-owned businesses with resiliency grants
By Zack Frink
A mini-grant program funded by the City of Dayton has started to empower small minority- and women-owned businesses by offering them much-needed financial assistance for expansion and growth, reports the Dayton Daily News.
The big picture: The city of Dayton has allocated $1.5 million from its federal COVID relief funds to the Miami Valley Urban League for a micro-grant program known as the Dayton Resiliency Fund.
Driving the news: The program, which began in February, recently awarded 23 micro-grants ranging from $1,000 to $10,000 to minority- and women-owned businesses, distributing over $135,000 in its first round of funding.
Zoom in: The awarded businesses span sectors including healthcare, construction, childcare, food services and professional services.
- Each recipient provided an explanation of how their finances had been negatively impacted by the pandemic.
Between the lines: The program highlights the lack of access to capital that often constrains small businesses, a barrier that this initiative is designed to address.
By the numbers: In the first round, the Miami Valley Urban League received about 35 applications.
- Officials hope that around 550 small minority- women-led businesses will eventually benefit from these micro-grants.
What's next: The Urban League is set to announce the recipients of the second round of funding in June, with applications for a third funding round opening next week.
Go deeper: Businesses interested in applying for the grant should be at least six-months old and be prepared to detail how they have been financially impacted by the pandemic. Along with the grant, recipients also receive technical assistance from the Urban League.