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Purpose Brand Business Tracker: Small Business COVID-19 Grants & Loans

Published on September 1, 2020

Small business sales and marketing is a challenge during the COVID-19 economic recovery. The Purpose Brand Business Tracker lists available grants, loans and emergency funds. 

Small businesses will be key to economic recovery from the COVID-19 crisis.  According to the U.S. Small Business Administration, small businesses employ just over half of all private-sector employees and have generated 64% of net new jobs over the past 15 years. Unfortunately, small businesses are being hit hardest by the coronavirus. Half of the 1,500 small businesses surveyed by Goldman Sachs say they will be out of business within 3 months under current conditions. 

The stakes are high. Fortunately, some large, established businesses are reaching down to help small business owners adjust to the new reality.

A company that wants to support the communities where it operates must demonstrate that it means what it says. The Purpose Report 2020 shows the importance of alignment in positioning a brand’s purpose. Consumers want to see tangible action. For every demographic group we surveyed, respondents viewed direct cash donations to social causes (over 60%) as the top indicator that a brand or company has a purpose beyond making money. Also frequently cited was the brand’s role in efforts that help others (over 50%). Direct action is widely seen as having more substance and impact than words.  

COVID-19 has given brands the opportunity to put their money where their mouth is, and many are doing so by supporting small and medium-sized businesses (SMBs) in this difficult time. Below is a list of loans, grants and other resources from large purpose brands, financial institutions, and nonprofits and government agencies.

NOTE: This is a national list. Consult your state or city for local COVID-19 small business grants, funds, donations or gifts.


Purpose Brands

RESOURCE DESCRIPTION
Beauty Changes Lives grantBeauty Changes lives is offering $1,000 grants for licensed beauty professionals who are out of work due to the coronavirus.
Local Initiatives Support Corp. (LISC) grantVerizon and Sam’s Club have allocated $6 million for grants to small businesses.
Beauty Changes Lives grantBeauty Changes lives is offering $1,000 grants for licensed beauty professionals who are out of work due to the coronavirus.
Council of Fashion Designers of America (CFDA) and Vogue grantCFDA and Vogue are offering grants up to $100,000 to any small to medium-size business in the fashion industry that has been running for more than two years. Applicants can include fashion designers, retailers, factories and other fashion, jewelry or apparel companies.
Digital­undivided grantA nonprofit that supports black and Latinx women entrepreneurs is providing quick grants of $100 to black women business owners.
Facebook grant  Facebook is offering $100 million in cash grants and ad credits to up to 30,000 eligible small businesses in more than 30 countries. 
Go Fund Me grantThe GoFundMe.org Small Business Relief Fund will provide microgrants to qualifying small businesses.
Google ad creditGoogle is giving $340 million worldwide in 2020 ad credits across Google Ads platforms.
Honeycomb Credit loanHoneycomb is offering 45-day payment-free periods, 6-month interest-only periods and lower fees for loans from local investors in the Honeycomb crowdfunding platform.
Revel Systems reliefClients of the Revel point of sale system can apply for grants.
SheaMoisture Hair Products grantThe SheaMoisture Minority Business Fund addresses minority-owned businesses that are finding creative ways to support their communities.
Spanx grantSpanx and the Spanx by Sara Blakely Foundation are providing 1,000 grants of $5,000 to women-owned small businesses.
Yelp ad creditYelp is providing $25 million in free advertising products and services for independent restaurant and nightlife businesses.
IFundWomen COVID-19 relief fundCrowdfunding platform is giving microgrants on a rolling basis to women-run businesses who start crowdfunding campaigns.

Banks and Lenders

RESOURCE DESCRIPTION
Goldman Sachs loanGoldman Sachs has committed $250 million to fund low-interest small business loans.
JPMorgan Chase relief $50 million fund will address immediate and long-term impacts of COVID-19 including small businesses assistance.
Kiva loanCrowdfunding platform offers small businesses 0% interest loans for up to $15,000.
MainVest loanMain Street Initiative offers $2,000, 0% interest, 120-day loans for restaurants or other brick-and-mortar retailers.
Wefunder loanCoronavirus Crisis Loans program enables small businesses to crowdfunded loans of $20,000 to $1 million from supporters.
Hello Alice grantDigital fundraising and advocacy platform is offering emergency grants of up to $10,000 for companies impacted by the coronavirus pandemic.

Government and Nonprofits

RESOURCE DESCRIPTION
U.S. Chamber of Commerce Foundation grantThe Save Small Business fund helps struggling small employers.
U.S. Small Business Administration relief  SBA offers loans and debt relief options. 
U.S. Chamber of Commerce infoState-by-state guide outlines loans, grants and funds from state and local governments and private organizations.
U.S. Department of Labor info  States are allocated $100 million in National Health Emergency Dislocated Worker Grants. 
Small Business Majority info Business network lists available public and private relief options. 
IRS Coronavirus Tax Relief info The IRS administers automatic stimulus payments to taxpayers. 
U.S. Chamber of Commerce infoGuide covers the Paycheck Protection Loan and SBA Economic Injury Disaster Loan programs. 
U.S. Senate Committee on Small Business & Entrepreneurship info Frequently asked questions on the Paycheck Protection Program and other federal relief.
Paycheck Protection Program (PPP) infoSBA loans helps businesses keep their workforce employed during the COVID-19 crisis. 
Minority Supplier Development Agency infoThe Minority Business and Technology Initiative provides online training through Amazon Business.
US Economic Development Administration Economic Adjustment Assistance Program (EAA) grantGrants can fund market and environmental studies, planning or construction grants, and capital for revolving loan funds.
Center for Disease Control (CDC) infoThe CDC gives interim guidance on workplace safety.
Federal Reserve infoThe Main Street New Loan Facility is intended to facilitate lending to small and medium-sized businesses.
James Beard Foundation grantThe Food and Beverage Industry Relief Fund will provide microgrants to restaurants, bars and other food and beverage operations.
The National Restaurant Association Educational Foundation grantThe Restaurant Employee Relief Fund will provide grants to restaurant owners and employees.
Local Initiatives Support Corporation (LISC) grantVerizon has allocated $5 million for grants to small businesses. 

Grant Trackers

RESOURCE DESCRIPTION
FundWomen Grant TrackerA collection of grants for woman-owned businesses from IFW partners like Adidas, Barbara Corcoran & Systane, GingerBread Capital, Unilever and Visa.
Tally & Twine trackerCOVID-19-related resources for black-owned businesses.
Inc. trackerPrograms that could help keep your small business afloat during the coronavirus crisis.
Forbes trackerFunding, grants and resources for business owners grappling with coronavirus.
Meet our purpose branders Special report: from brand positioning to purpose positioning Our social impact
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