Boston's Small Business Relief Fund 2.0 Awards $12.8 Million to 1,037 Businesses Across the City

Strategic Insights -

Boston Mayor Michelle Wu announced the impact of the City of Boston's Small Business Relief Fund 2.0, which has awarded $12.8 million in grant funding to 1,037 small business owners across all neighborhoods of Boston. The program, funded by the federal American Rescue Plan Act, provided relief funding of up to $10,000 for rent, inventory, and other fixed expenses, as well as growth funding of up to $10,000 to help businesses expand or grow.

Key Takeaways:

  • The Small Business Relief Fund 2.0 has awarded $12.8 million in grant funding to 1,037 small business owners across Boston's neighborhoods.
  • The program provided relief funding of up to $10,000 for rent, inventory, and other fixed expenses, as well as growth funding of up to $10,000 to help businesses expand or grow.
  • The average grant award was $12,520 per business, combining both relief and growth funding.
  • 68% of the funded businesses were minority-owned, 58% were woman-owned, and 18% were immigrant-owned.
  • Priority was given to industries most directly affected by closures, policies, or general loss of revenue related to COVID-19, such as food service and restaurants, hospitality, barber shops and beauty salons, retail storefronts, arts and entertainment, tourism, fitness, and daycare.
  • The program was administered by the Mayor's Office of Economic Opportunity and Inclusion's Small Business Unit, which continues to provide critical resources for Boston's small business community.
  • Following the SBRF 2.0 program, the City will partner with business service organizations to provide technical assistance and long-term planning support to small businesses beyond the grant.

Statistics:

  • $12.8 million awarded to 1,037 small business owners across Boston
  • Average grant award: $12,520 per business
  • 68% minority-owned businesses received funding
  • 58% woman-owned businesses received funding
  • 18% immigrant-owned businesses received funding
  • Funding prioritized for industries most directly affected by COVID-19, including food service and restaurants (24%), hospitality (15%), barber shops and beauty salons (12%), retail storefronts (10%), and arts and entertainment (8%)

Sources:

  • Mayor Michelle Wu, City of Boston
  • Segun Idowu, Chief of Economic Opportunity and Inclusion, City of Boston
  • Aliesha Porcena, Director of Small Business, City of Boston
  • Leon and Clarissa Egreton, owners of Frugal Bookstore in Nubian Square, Boston
  • City of Boston, Small Business Relief Fund 2.0 program
  • American Rescue Plan Act (ARPA)