NB100! (For Start-Ups)
This program provides up to $10,000 in kick-starter grants to local entrepreneurs in New Bedford who have completed technical assistance training and are looking to grow their businesses impacted by the COVID-19 pandemic.
Name of Funding Organization: NBEDC (New Bedford Economic Development Council) Contact Information: For questions about the program or application, please contact NB100@nbedc.org. Grant Program: NB100! Program Intent: The NB100! program is offered by the NBEDC to promote entrepreneurship, grow local wealth, and strengthen community bonds. It provides kick-starter grants up to $10,000 for entrepreneurs who have completed partner-provided technical assistance programming. The program aims to support start-ups impacted by the COVID-19 public health emergency. Eligibility: - Entrepreneurs who have completed partner-provided technical assistance programming - For-profit entities based within New Bedford - Businesses in operation for no more than 24 months Award Details: Grant awardees shall match a minimum of 50% of the $10,000 maximum grant award in equity. To receive the full $10,000 grant, total eligible start-up costs need to be at least $15,000. The program administrators will work with awardees to determine appropriate mechanisms for the match (e.g., cash equity investment, inventory/equipment contribution, in-kind services). Eligible Uses of Funds: - Business lease or mortgage payments - Business utility payments - Business monthly insurance costs - Business payroll - Business inventory expenses - Reimbursement of business expenses incurred after March 3, 2021 - Improvements designed to limit the spread of COVID-19 - Other approved business fixed and operating expenses Ineligible Businesses: Liquor and tobacco stores, pawn shops, adult entertainment establishments, passive real estate investments, or businesses that do not meet all local, state, and federal laws and restrictions are ineligible. Technical Assistance Providing Partners: EforAll South Coast, Groundwork, Co-Creative Center/New Bedford Creative, New Bedford Ocean Cluster, University of Massachusetts Dartmouth, Bristol Community College, and Junior Achievement of Southern MA. Funding Support: This program is supported in part by federal award number SLFRP1067 awarded to The City of New Bedford by the U.S. Department of the Treasury, and by the U.S Small Business Administration (SBA)
Award Range
Not specified - $10,000
Total Program Funding
Not specified
Number of Awards
Not specified
Matching Requirement
Yes -
Eligible Applicants
Additional Requirements
Eligibility details: - Local governments are eligible to use the funds. - Funds can be used to address acute pandemic-response needs, revenue shortfalls, and support communities and populations hit hardest by COVID-19. - Eligible uses include replacing public sector revenue loss, supporting public health responses and COVID-19 mitigation efforts, addressing negative economic impacts, and supporting water, sewer, and broadband infrastructure. - NBForward! grant program: Existing local businesses are eligible for grants of up to $20,000 for working capital. Eligible uses include lease-hold improvements, mortgage payments, utility payments, insurance costs, payroll, inventory expenses, and other approved business expenses. - NB100! grant program: New businesses that have completed technical assistance programming are eligible for kick-starter grants up to $10,000. Eligible uses include lease or mortgage payments, utility payments, insurance costs, payroll, inventory expenses, acquisition of new equipment/property, construction/repair of existing property, reimbursement of business expenses incurred after March 3rd 2021.
Geographic Eligibility
City of New Bedford
Application Opens
Not specified
Application Closes
Not specified
Grantor
U.S. Department of the Treasury, U.S Small Business Administration (SBA)
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