The Fulton Neighborhood Association has allocated a total of $7,000 to support small businesses in our community that have demonstrated a spirit of generosity toward our neighborhood in the past and are now facing financial hardship as a result of the COVID-19 outbreak. The Fulton Neighborhood Association has built relationships with many of our local businesses through their donations to our annual Fulton Fall Festival. We recognized that due to the COVID-19 outbreak, many of these same businesses may be facing financial hardship at this point in the pandemic. We’ve created this grant program in order to provide some support to our local business community at this critical time.
This grant program aims to provide up to $2,500 grants to businesses in our local community that have donated to our silent auction in the last five years. There is a total of $7,000 available for grant awards. Grants may be used to support working capital expenses, such as payroll, rent, utilities bills or similar expenses incurred in the regular course of business since March 2021. There is no requirement of repayment. Businesses who demonstrate extreme need will receive priority consideration in the selection process.
In addition, as the FNA starts to advance a set of specific goals around racial equity for our neighborhood, we also invite our local businesses to consider how their business operations might be advancing racial equity goals as well – be it in ownership, staffing, community engagement or otherwise. Businesses who are able to demonstrate a commitment and track record of advancing racial equity will receive priority consideration in the selection process.
To qualify for this grant program, businesses must:
- Have donated to the FNA Silent Auction in the past five years (2016-2021)
- Be able to demonstrate financial hardship due to the COVID-19 outbreak
- Be in good standing with the MN Dept. of Revenue and MN Sec. of State
- Be a private registered business in the State of MN
- Have no more than 50 employees
- This grant program has a funding pool of $7,000
- Grants will be awarded up to $2,500 for first time recipients, $1,500 for businesses that received a grant in 2021
- Grant applications may or may not be funded at the full amount requested
- How has COVID-19 impacted your business in the last year?
- How has COVID-19 impacted your gross sales and net income compared to 2019?
- Can you tell us more about your business’ revenue stream:
- What is it composed of? (e.g. 90% walk-in retail, 10% online sales)
- Is there any seasonality to revenue flows?
- How much money are you applying for?
- How do you plan to spend the grant money?
- How does your business currently interact with the local Fulton community?
- How will you partner with Fulton Neighborhood Association in the future?
- We’re interested in ensuring that this grant funding is in support of our racial equity goals. Can you tell us how you envision your business working in support of our racial equity goals as well, or how has it done so in the past?
- Is there anything else you would like us to know about your business or yourself that we haven’t asked?
- The following financial documents may be requested during the selection process:
- 2021, 2020 and 2019 Year End Profit and Loss Statement
- 2021, 2020 and 2019 Year End Balance Sheet
- Optional Demographic Information