Somerville Announces Small Business Recovery Funding
Somerville small business owners can apply for forgivable loans worth up to $15k starting November 15, 2022
The City of Somerville and Major Katjana Ballantyne are thrilled to announce that new funds are available for small businesses impacted by COVID-19 via Somerville’s Small Business Recovery Program.
Forgivable loans worth up to $15,000 are available for both brick-and-mortar and home-based businesses located within Somerville recovering from financial losses related to the Covid-19 pandemic and its far-reaching impacts.
“Our initial waves of business support were designed to address the immediate crisis, but these funds aim to help shift applicants from crisis to recovery mode, so they can better get back on track,” said Mayor Katjana Ballantyne. “Pandemic impacts on small businesses have been far-reaching. The program aims to be sure especially that these local establishments and independent contractors who may not have been able to easily access support through broader programs have an opportunity to better move forward.”
To qualify, businesses must be located within the City of Somerville, have 20 or fewer full-time employees, and be able to demonstrate a decline in revenue during the past two years. Home-based businesses can apply online for up to $5,000 for net revenue loss, and businesses with a physical location can apply for up to $15,000 for net revenue loss.
Applications will open online starting November 15, 2022. For more information on the program, eligibility, and to apply, visit www.somervillema.gov/bizrelief
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