ARPA Grants still provide economic support to small businesses. However, tracking the impact of these grants can be a challenge.
Local government leaders have noted that it is difficult to accurately determine how these funds are used. However, ARPA guidelines still require that recipients report on the economic impact of funds administered.
Community First Accelerate Grants for Small Business
The Community First Accelerate Grants for Small Businesses program is a new small business loan program that will help small businesses grow and create economic opportunity. These grants are available from the Federal Home Loan Bank of Chicago and can support up to $25,000 per small business.
The funds are flexible and can be used for a variety of purposes, including the expansion of an existing business or a new venture. Businesses that qualify to receive the grants must work with a member of the bank to apply.
The Community First Accelerate Grants for Small Businesses program is funded by Wells Fargo. The funds will help small businesses grow in communities that have experienced economic hardship.
The fund will support small businesses that are owned by minority or low-income individuals. It will also provide small businesses with technical assistance and business counseling services.
Other small business grant opportunities are available to help small businesses with funding needs. One such program is EnrichHER, which is targeted to women and minorities. This small business grant is awarded to businesses that need assistance with operating costs.
This program provides up to $5,000 in funding for small businesses that are owned and operated by women and people of color. The application fee for EnrichHER is $37, and applications are accepted on a rolling basis.
The funds will also help small business owners improve their production processes and reduce their labor costs. One example is Holle-Oaks Dairy LLC, a dairy and crop farm in Baldwin, Wis.
The Holle family’s farm was able to use the Community Small Business Advance program to upgrade to new precision-planting technology.
This new technology enables them to better apply seed and fertilizer to their crops. This has led to an average cost savings of 15%.
Jamestown Department of Development
In Jamestown, ARPA grants are still providing funds to small businesses and are available for information technology upgrades. Small businesses can receive capital to purchase computer software, CNC software, enterprise resource planning systems, firewalls, point of sales systems, and more.
Businesses can also receive funding for business planning and development.
The ARPA Committee, which includes the County Executive and several department heads, has approved the first step to implement a spending plan for the program. The plan will include priority projects that are sustainable and have County-wide impact.
The committee will review the plan and prioritize projects. The resolution will be approved by the County Legislature at its October 27 meeting.
Another project that will use ARPA funding is a citywide fiber network. The Androscoggin County Commission has approved spending $300,000 from the ARPA funds to build out the city’s broadband infrastructure. The city plans to use the city’s existing fiber ring to connect residents in the town.
ARPA funds can be used for similar programs in communities across the country. The program also provides access to federal programs for disadvantaged businesses. The Department of Treasury has recently released substantial guidance on ARP funds, and identifies how state, county, and local leaders can utilize the funding to support small businesses. The funding can also be used for technical assistance and loan programs.
Takoma-Langley Crossing Business Incubator
The ARPA grant is one of several grants available to local governments to support small and new businesses. These funds must be fully spent by December 31, 2026. The City of Takoma Park has been awarded $17.5 million for this project. It is expected to attract a variety of business types.