The City of Worcester is looking to add $300,000 to its Small Business Resiliency Grant program on top of the $1.5 million it has already given out to businesses impacted by the coronavirus, City Manager Edward Augustus said during a press conference on Wednesday.
“We are looking at providing additional funding so we can reach more small businesses,” Augustus said.
To date, the city has approved $1.5 million through the program, which received 290 applications and has so far approved 189, said Augustus.
Of those funded applications, 30% were from the food industry, 17% were from the salon/spa industry and 11% were in retail. Notably, 40% of approved applications were for women-owned businesses and 60% were minority-owned, he said.
The bulk of these businesses are very small, on average employing four people apiece, he said.
Several other cities, including Marlborough and Framingham are reportedly looking to replicate the loan program.
The additional $300,000 toward the program would come from funding the city expects to receive under the federal $2-trillion CARES Act stimulus bill, according to Michael Vigneux, the city’s media relation specialist. Vigneux said the money is expected to arrive within the next two to three weeks.
