Applications Open for Prosper Portland "Small Business Restoration" Grant Funds

In response to the closure of numerous small Portland businesses since 2020 due to the adverse impact of the COVID-19 pandemic and ongoing vandalism, the city's economic and urban development agency Prosper Portland has introduced the Small Business Stabilization Restore Grant. This program is set to provide up to $25,000 in grant funds to a selection of eligible businesses using money drawn from the American Rescue Plan Act.

To qualify, businesses must have reported an Annual Gross Revenue between $300,000 and $3 million in 2019, commenced operations before the pandemic was declared in March 2020, and currently employ at least three people. Applicant businesses should be located along designated commercial corridors of Portland, "82nd Avenue, East Portland (I.e., east of I-205), N/NE Portland, Central City, or Inner Westside Portland."

The grant money can cover certain operational costs like security measures, interior repairs resulting from vandalism or break-ins, and equipment replacements. However, costs such as graffiti removal or window repair are excluded as they're covered by Prosper Portland's existing Local Small Business Repair Grants.

Applications for the grant will be open from June 16th to June 26th, with the selected recipients to be notified on July 10th. Companies will be evaluated based on number of employees, annual gross revenues from 2019 to 2022, and if they're based in an "underserved and underrepresented" part of Portland. Businesses requesting over $10,000 must provide referrals from other programs and a list of received grants over the past year. Additional grant cycles are planned for late 2023 and early 2024.

Learn more and apply at ProsperPortland.us.