We are living in strange times as most of the world is on lockdown trying to reduce the spread of coronavirus. The fashion industry in particular is taking the hit hard as we begun feeling the effects of Coronavirus in our shut down supply chain in the winter in China. Now, as retail stores are all closed too, it is a very real worry what this global pandemic will do to our industry and our global economy.
While we wait out the news each day, here's a list of grants and resources for small businesses to help you weather this unprecedented time. We hope this gives you a positive place to focus your energy, pay your employees, and stay in business so when this is all over you come out more nimble and ready to grow.
A Common Thread by the CFDA x Vogue formerly the Vogue Fashion Fund is for fashion brands. More details and applications will open April 8th and will not be exclusive to CFDA members only.
Amazon Small Business Relief Fund for brands with fewer than 50 employees and less than $7mill in annual revenue.
Bumble Small Business Grant: Receive up to $5k. To get started, download any version of the Bumble app, start swiping, and it'll appear. DUE THURSDAY 4/8/20
Denver Small Business Relief Program is awarded up to $7.5k in cash to businesses affected by the coronavirus pandemic.
Facebook Small Business Grant Program will be giving up to 30,000 eligible small businesses free ad credits and a piece of the $100mill cash money they are offering up.
Girlboss Foundation Grant is awarding female entrepreneurs with $15k in project funding.
Google Ad Credits for Small Businesses: Brands can grab a piece of the $800mill in free ads Google is offering to help small businesses promote their business during this time. According to our research there is no application process necessary.
Hello Alice Business for All Grant: Receive $10k, $25k, or $50k
iFundwomen Visa Grant: 4 early stage entrepreneurs will receive $10k. DUE TUESDAY 4/6/20
NYC Employee Retention Grant Program: Small businesses with 1-4 employees can apply for a grant of up to $27k that covers 40% of payroll costs over the course of two months. You must show that you lost 25% of your revenue due to the coronavirus.
Tory Burch Foundation Grant is dolling out $250k for women entrepreneurs
San Francisco COVID-19 Small Business Resiliency Fund will fund SF located businesses with up to $10k. Businesses must have between 1-5 employees and show a loss of revenue of 25% because of the pandemic. Businesses must also have gross receipts less than $2.5mill and participate in activities regulated by the city.
Sara Blakely's $5k Female Founder Grant for 1,000 female founders to
Economic Injury Disaster Loan (EIDL): This loan is available directly through the Small Business Administration (SBA). There is a $2M cap, with a 30 year term and 3.75% interest rate. This loan is to be used for payroll, rent, and other expenses that you are unable to pay due to losses directly related to COVID-19.
CARES Act- Paycheck Protection Program (PPP): Part of the Government’s recent CARES Act and serves to protect employees from terminations and furloughs due to COVID-19. Must be completed through an SBA approved bank, and can only be used for payroll, payroll related costs, rent, and utilities — not general overhead (in order to quality for forgiveness). The amount you receive (and the amount forgiven) is based on a formula of Average Payroll/Month that you must calculate yourself. Currently the only 2 major banks accepting PPP applications are:
Los Angeles Small Business Emergency Microloan program is extending $5k - $20k loans with low interest rates to qualifying businesses.
NYC Small Business Continuity Fund is offering up to $100k in interest free loans for businesses with fewer than 100 employees. This is not yet open but you can apply to receive news.
If you need help building your business right now through emergency crowdfunding or creative marketing, please consider our online classes custom designed for small fashion brands. If you have been financially hit by this coronavirus crisis please email us to request financial assistance. When times are hard, you can still survive, you just have to pivot your plan of action and we would love to help you do that.