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Date: 2/13/2023
HOLYOKE — On Jan. 23, Holyoke opened up applications for its new microenterprise grant program to help smaller businesses cover costs across the board.
According to a press release, a microenterprise business consists of five or fewer employees and the grants are valued from $1,000 to $10,000. The release also states that any business interested in applying for grants must be from low- or moderate-income households.
Over email Special Programs Manager for Holyoke’s Office of Community Development Ashley Sturges said the funds are distributed through the Community Development Block Grant program. She added the funds are a way to help businesses rebound in the aftermath of the coronavirus pandemic.
“Where the grant requirements are not specific to COVID-19 relief, the unforeseen increase in operating expenses coming on the heels of the COVID-19 pandemic, significantly increased the urgency of these grant programs for many local businesses,” Sturges said.
She added that the funds are typically used on a variety of operating expenses including “rent, bulk supply orders and utilities.”
Sturges added that many small businesses have faced unique challenges in the wake of COVID-19.
“Many small businesses cannot qualify for standard bank loans because they lack the business history, collateral or have limited credit due to the Covid-19 pandemic, making these programs extremely important to the overall success of the community,” she said.
Following the distribution of American Rescue Plan Act funds, Sturges said the city has “streamlined the application process to provide these grants as efficiently and effectively as possible.”
“As part of our updated application process the Office for Community Development has developed an approval matrix consisting of objective factors considered in the application and required supporting documents,” Sturges said. “Each application packet also includes a copy of the underwriting forms with the outlined matrix.”
Once the applications are received, the amount distributed to a business is based on “the applicant’s project scope, business feasibility and the documented amount necessary to effectively assist their business.” She added that each application must be supported by “estimates, cash-flow statements and applicable documentation.”
Sturges added the grants are a way to help an “invaluable” part of Holyoke during a difficult economic time.
“In addition to the economic growth, they bring a rich and vibrant culture that is essential to the heart of the city,” she said. “Small business owners have faced a different level of challenges in the current economy, some have reported the cost of supplies nearly doubling within a one-to-two-year window, leaving little or no time to successfully plan and financially adjust for the change.”
More information about the microenterprise grant program is available on the city’s website and any questions or requests for additional information can directed to the Office of Community Development, which can be reached at 322-5610.
Staff Writer Trent Levakis contributed to this report.