September 24, 2021
Categories: Funding Update,
The COVID-19 Relief Pennsylvania Statewide Small Business Assistance Program was a statewide grant program targeting small businesses impacted by business closure orders due to the COVID-19 public health crisis, so these businesses could get the relief they so desperately needed. The program provided grants ranging from $5,000 to $50,000 to small businesses that have been economically impacted by COVID-19.
The PA CDFI Network partnered with the PA Department of Community and Economic Development to develop and administer the COVID-19 Relief Pennsylvania Statewide Small Business Assistance Program. Allegheny, Lackawanna and Philadelphia Counties provided additional resources to the program to support local businesses. The newly released report showcase the significant impact to businesses across the Commonwealth. In total, the program provided $249 million in grant awards to over 14,500 small businesses struggling to keep doors open as a result of the pandemic.
PIDC client Magaly Spa, a woman-owned, immigrant-owned health and wellness center in Oxford Circle, is one of the many Philadelphia-based businesses that received funds for pandemic relief. “We had to shut down in the early stages of the pandemic, and funding through the PA CDFI Network helped support a safe reopening. Demand for our products and services even ended up growing, both locally and nationally!” said Alida Guarin, owner of Magaly Spa.
The Pennsylvania CDFI Network
PIDC is a member of The Pennsylvania CDFI Network, a group of 17 CDFIs from all 67 counties in the Commonwealth of Pennsylvania that provide the small business community with access to financing and technical assistance. This network was responsible for launching and administering the COVID-19 Relief Pennsylvania Statewide Small Business Assistance grant fund. This first-of-its kind statewide collaboration leverages shared resources and mobilizes its extensive local networks to ensure economic prosperity for all Pennsylvanians. The network continues to support the growth of small businesses across the state of Pennsylvania.
The COVID-19 Relief Pennsylvania Statewide Small Business Assistance Program received over 62,000 applications, requesting more than $1 billion
Helping Philadelphia Businesses
Philadelphia County provided additional funds, distributed by the Network, that targeted small businesses impacted by the public health crisis—helping these businesses get the relief they desperately needed. Over 30% of the Philadelphia grants awarded came through the PIDC application portal.