Grants and Loan Applications Now Available for Cambridge Small Businesses

The City of Cambridge today announced that grant and loan applications are now available for Cambridge small businesses through the Mayor’s Disaster Relief Fund for small businesses and the Cambridge Redevelopment Authority (“CRA”) Loan Program. Grant applications will only be available from May 15, 2020 until May 29, 2020 at 11:59 p.m. EDT. 

The use of the City of Cambridge’s Mayor’s Disaster Relief Fund (MDRF) for small businesses will result in the award of grants of up to $10,000, which will not have to be repaid. The MDRF will prioritize businesses that have been more severely affected by the impact of the COVID-19 Pandemic. There is no guarantee that small businesses will secure a grant nor receive the maximum amount of funds. Grant funds are based on a business’s documented proof of need. Applications will be reviewed after the May 29, 2020 deadline.

In addition, the Cambridge Redevelopment Authority (“CRA”) has developed a zero (0%) interest loan program (the “CRA Loan Program”) which is being administered in cooperation with Cambridge Savings Bank and will provide loans of up to $15,000 to small businesses that have qualified to participate in the Mayor’s Disaster Relief Fund. The CRA Loan Program will provide interest free loans that will be repaid in five years with nothing owed for the first year and semi-annual installments paid over the remaining four years. The maximum grant/loan amount for each business is $25,000 (up to a $10,000 Grant and up to a $15,000 Loan) or three months of business expenses, whichever is lower. Allowable business expenses may include the average rent, salaries, utilities and cost of goods, not covered by other programs. The CRA Loan program will remain open until funds are exhausted.

The Small Business Grant Program is being funded with $500,000 from the Mayor’s Disaster Relief Fund and with a combined $1.6 million from Community Development Block Grant Funds and Federal CARES Act Funds administered by the City. The $1.5 million zero-percent loan program is being funded by the CRA, and serviced by Cambridge Savings Bank.

Businesses eligible for funding from the City’s Small Business COVID-19 Relief Grant program, or the Small Business COVID-19 Recovery Grant program administered by the City, are not eligible for a grant from the MDRF, but are eligible for the CRA Loan. If you have questions about eligibility, please contact Pardis Saffari at psaffari@cambridgema.gov

More information about eligibility, exclusions, and the application for these programs can be found at www.cambridgema.gov/MDRFbusiness.

Those with questions or in need of assistance can call 617-349-9775 or email MDRFGrantBusiness@cambridgema.gov. Translation services are available upon request. 

Page was posted on 5/15/2020 11:35 AM
Page was last modified on 5/15/2020 11:36 AM
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