A second round of Racine’s Small Business Emergency fund allocated $650,000 to 146 businesses in the city, Racine mayor Corey Mason announced Tuesday.
During the second round, small businesses with up to 20 employees in Racine were eligible to apply for grants of up to $6,500. The grants ranged between $2,500 and $6,500 and were made available through the sanitary Sewer Surcharge Fund and the city’s allocation of room taxes.
“It is our hope that the city’s support to these additional 146 small businesses will help them pay the bills for another month as talks about reopening the economy begin,” Mason said in a statement. “We want our business districts to continue to be destinations long after coronavirus, which is why we are doing what we can to help them financially.”
Of the grant recipients, 30 percent of the businesses were minority-owned, 37 percent are majority woman-owned businesses and 5 percent are veteran-owned, according to a press release.
Grant recipients were determined based on a competitive process based on a variety of factors including business narrative, number of employees and submitted financial information. In order to be eligible, businesses needed to be a for-profit business located in Racine, have 20 or fewer employees, have been operating for at least six months and have demonstrated efforts to obtain funding through other sources.
The first round of the Small Business Emergency Fund brought $250,000 to businesses in Racine.
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