The following information was published on the LISC website:
TD Bank has committed $50,000 to LISC Connecticut for grants to small businesses. Grants will range in size up to $5,000. This is a multi-state approach, with a similar program by TD Bank launching in Massachusetts. This fund provides grant support to help address the financial impact on small businesses due to the COVID-19 pandemic. Additional information may be viewed at https://www.lisc.org/connecticut-statewide/covid-19-resources/small-business-recovery-grants/
Who is eligible?
LISC will provide grants of up to $5,000 to businesses facing financial pressure because of COVID-19—especially businesses owned by people of color, women, and veterans, as well as enterprises in historically underserved communities that don’t have access to flexible, affordable capital.
The application is limited to the first 60 applicants, and from this pool, a limited number will be selected. Applications must be submitted online. Grant finalists will be required to provide the following documentation in order to receive a grant:
- One of the following: a) Federal IRS Determination Letter for Businesses (Federal ID/TIN), b) Schedule C for Sole Proprietors OR c) Individual Tax Identification Number (ITIN)
The application is only available online.
The application portal will open at 1 pm EST on Wednesday, August 5, 2020, and close once the 60 applicant limit has been reached – or 11:59 pm EST on Friday, August 7, 2020.
GRANT ELIGIBILITY – To be eligible for funding, you must:
- be a Connecticut small business with a Connecticut address and location
- be in operation for at least 2 years
- be in good standing
- registered with the CT Secretary of State’s office*
- have no outstanding liens or judgments
- not have exceeded $1M in 2019 revenues
- not have already received a small business grant from LISC
*registration not applicable to sole proprietorship
What it can be used for?
- Paying rent and utilities
- Meeting payroll
- Paying outstanding debt to vendors
- Other immediate operational costs