Truist and LISC announced a $5 million grant program for small businesses and non-profits in response to the COVID-19 pandemic. Applications will be accepted starting the first week of June
Small business support
- Grants of up to $10,000 each to small business owners, especially in rural communities and to enterprises owned by women and minorities, to help meet their most immediate needs. Eligible expenses include:
- Rent and utilities
- Payroll
- Outstanding debt to vendors
- Technology infrastructure upgrades
- Other immediate operational costs
- Technical assistance to help small businesses weather the current crisis and plan for a sustainable future. This includes tips on how to navigate federal, state and local assistance programs as well as private funding sources, in addition a program to help businesses assess and adapt to a new business environment.
Access to technology and broadband
- Cash grants of up to $250 each to households to purchase laptops/tablets, set up and pay for internet, or address other urgent technology needs.
- Teams of “digital navigators” to help families maximize internet access, including signing up for subsidies/benefits; basic troubleshooting; and enrolling in computer skills programs.
- Grants to nonprofit organizations to upgrade technology infrastructure to deliver services remotely.
- Technical assistance to connect areas of density (housing developments, senior centers, etc.) to existing broadband infrastructure and to use satellite service to provide Wi-Fi in rural communities without connectivity
For the small business support, priority will be given to women- and minority-owned businesses, which often lack access to flexible, affordable capital. At least 60% of the grants will support enterprises in rural communities.
For technology and broadband access, strong emphasis will be placed on supporting households and nonprofit organizations located in rural counties with persistent poverty.
More information can be found here https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/truist/