The application for the Lancaster City Small Business Emergency Fund is now located on Community First Fund’s website. Please click here if you would like to apply or scroll below for more information on the Fund.
In the spring of 2020, The Lancaster City Small Business Emergency Fund was created to provide emergency relief to small businesses located in Lancaster City struggling due to the economic impact of the COVID-19 shutdown. The focus of the fund is to support vulnerable small businesses in local communities that have disproportionately not received federal funding support. Click here to download a PDF of the final report summary of the program.
Despite the first round of success, the small business community continues to experience the ongoing impact of the pandemic, social unrest, and environmental injustice. Black, Indigenous and People of Color (BIPOC)-owned small businesses in particular have struggled to access relief funding and stay afloat.
To help combat these struggles, the Lancaster City Small Business Emergency Fund is now providing access to highly flexible, low interest loans to all small businesses located in the City of Lancaster. This Fund focuses on investing in the success of those businesses most critically impacted by COVID-19, specifically Lancaster City’s small businesses in the food service, salon and barber shop, arts and entertainment industries.
LOAN PROGRAM DETAILS AND ELIGIBILITY REQUIREMENTS
|Purpose||The Lancaster City Small Business Emergency Fund provides access to affordable loans and is intended to support an inclusive and diverse small business environment within Lancaster City.
|Eligibility||•We encourage all applicants to consider the best solution for their business based upon cash needs and ability to take on more debt.
• Businesses between $500,001 - $2 million in annual revenue are eligible to apply for a loan.
• Owners of multiple businesses can only apply for funding for ONE of their businesses.
• Business must operate within Lancaster City.
*Please note that you are still eligible to apply if you received funds through the SBA Paycheck Protection Program or Economic Injury Disaster Loan program.
|Amount Available per Business:||Up to $40,000 loan; final amount determined by the review committee
|Business Qualifications||All applications will be equitably vetted and reviewed by Community First Fund based on their standard loan approval practices and the following characteristics:
- Eligibility based on industry
- Longevity in business
- Long-term sustainability
- Historic profitability
- Local economic and community impact of business
- Location of business in Lancaster City
- Impact on the streetscape of Lancaster City
- Number of employees
- Severity of current need
*The Review Committee reserves the right to add further priorities or change eligibility criteria based upon applicant pool.
|What you'll need to apply: ||- Entire business federal tax return – 2018, 2019, 2020. Tax extension document must be provided If 2020 was not filed as of the time of the application.
- Most recent 2021 financial statement
- Entire personal federal tax return – 2018, 2019, 2020 for owners of 20% or more. Tax extension document must be provided If 2020 was not filed as of the time of the application.
- A description of the impact of COVID-19 on your business, and your recovery plan.
- Completion of online loan application form.
- Online personal financial statement form for 20% or more owners
- Collateral may be requested on some loans
*Additional documents will be required upon request
FUNDING AND PROGRAM PARTNERS
The Lancaster City Small Business Emergency Fund has been generously supported by the following entities:
- Lancaster County Community Foundation
- City of Lancaster
- Community First Fund
WHERE TO APPLY
If you are interested in applying for a loan through the Lancaster City Small Business Emergency Fund, please click here to complete the online application located on the Small Business Loans page on Community First Fund’s website.