A total of $75,000 is now available for small businesses in Corvallis and Benton County that have not received federal emergency assistance for being adversely affected by economic conditions stemming from the pandemic.
According to an article from corvallisoregon.gov, the grants are part of an allocation of $10 million approved by the State of Oregon in May. Of this, Community Lending Works in partnership with Benton County and the City of Corvallis, has been awarded $75,000. Businesses in the City of Corvallis will receive a combined $25,000 total, while $50,000 will be reserved for those in the greater Benton County area.
After a loan program brought forth in May by the Economic Development Office, this is the second opportunity for funding made available to small businesses in Benton County. The grants will range from $2,500 to $25,000, based on a statewide set formula and will be available to for-profit companies, 501(c)3 nonprofit organizations, soleproprietors, and independent contractors with fewer than 25 employees.
Kate Porsche, manager of Corvallis Benton County Economic Development Office, said in a statement to corvallisoregon.gov, “This round of funding was intended by the state to fill the gaps not reached by other programs, so it can provide an important boost for eligible businesses that have not received money from federal grant or loan programs.”
Businesses may use the funds for operating expenses such as rent or lease obligations, utilities, and other expenses incurred from reopening in line with state regulations. In order to receive a grant, businesses cannot have received any prior assistance through federal emergency pandemic funding programs. The funds are intended to cover expenses and gaps that were not addressed by prior funding.
Applications will be accepted until the funds have been completely assigned. Interested parties can find the link to the application as well as information regarding business resources at yescorvallis.org/resources.
According to CorvallisOregon.gov, more information about this program can be obtained by contacting Economic Development Manager Kate Porsche at firstname.lastname@example.org or 541-766-6339.