The U.S. Small Business Administration has come up with the Restaurant Revitalization Fund to support small businesses that have experienced economic distress during the COVID-19 pandemic.
Registration for the grant opened Friday and all you have to do is be an owner of a restaurant, bar, or other small business to qualify.
The fund will provide a total of 28.6 billion dollars.
Interim Small Business Development director of southeast Minnesota, Mark Thein, says the success of small businesses is crucial to the economy.
He says, “Not just the big businesses, they're influential too - but there's a lot of small business owners that have 20 employees or less, 10 employees or less, or 5 employees or less, that really contribute to our GDP.”
“The economic benefit for our employment and wages for those small business owners - is just going to be unbelievable for those who are in that industry,” Thein adds.
Thein expects the funding will go fast and it is a simple two-step process. The first step is to register at the Small Business Administration website. The applications will be open Monday, May 3rd. To register visit https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund.