The Corvallis-Benton Economic Development Office partnered with Community Lending Works to distribute $135,000 to small businesses within the city limits. The businesses must employ low-to-moderate income workers and have been negatively impacted by public health restrictions due to the COVID-19 pandemic last year and this year. The U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) program is funding these grants.
To qualify, business need to be for-profit with headquarters and operations in Oregon for a minimum of one year and located within Corvallis city limits. They also need to complete a pre-screening questionnaire to assist in determining eligibility and viability. More information is available here.
These businesses will be granted differing amount, depending on Full Time Equivalent employee numbers.
Grants awarded for sole proprietors are $5,000, while microenterprises with five or fewer FTE (including the owner) are eligible for grants of $10,000, and for small businesses with six or more FTE will be awarded $2,500 per FTE for up to $25,000.
Further funding for businesses in Benton county outside Corvallis city limits is on the way. Interested? Let the Corvallis-Benton County Economic Development Office know and join the waitlist.
For more business-related resources, go to www.yescorvallis.org/resources. To have questions answered, contact the Economic Development Office by email at economic.development@corvallisoregon.gov or by calling 541-766-6422.
By: Hannah Ramsey
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