LEXINGTON, Ky. – After a brief hiatus, Lexington’s Small Business Economic Recovery Grant Program application portal reopened today, July 27. Commerce Lexington has been managing the grant program through its existing Access Loan small business financing program. Earlier this year, the Lexington-Fayette Urban County Council approved $2.5 million for the program and then recently allocated an additional $2.5 million to continue this important small business recovery effort.
Through the program, eligible small businesses will be able to apply for up to $25,000 based on sustaining or increasing employment and/or payroll within one year following the grant award. The main difference in this year’s Economic Recovery Program is that small businesses will have benchmarks to meet for additional employment and/or payroll. Companies that do not meet those benchmarks will be required to pay back the grant based on a sliding scale related to their performance.
Businesses must meet the following criteria to apply for grant assistance:
- Be located in Lexington/Fayette County.
- Have a current business license filed with the city.
- Have been in operation since January 1, 2021.
- Restricted to sole proprietors, limited liabilities, corporations, not-for-profits or nonprofits.
- Maximum of 50 full-time equivalent employees (max of 100 for restaurants).
- All business taxes, payroll taxes and other payments to the city and the Commonwealth of Kentucky must be current.
- Show ability to retain or exceed current employment and/or payroll levels.
To find out more about the city’s Small Business Economic Recovery Program’s eligibility requirements, the documentation necessary to apply and to access the application online, click here. For questions about the application process, contact Tyrone Tyra at Commerce Lexington by calling (859) 226-1625 or (859) 226-1621, or emailing [email protected].
Click here for more Kentucky business news.
