Small Business Remobilization Fund
In an effort to support Memphis Medical District businesses as they re-open and in furtherance of its charitable purposes, MMDC is launching the Small Business Remobilization Fund. In this context, remobilization is the process of businesses re-opening to capacity after closing or scaling down as a result of the COVID-19 pandemic.
Neighborhood restaurants, cafés, retail stores, and other small businesses in the Medical District are critical to the vibrancy, quality life, and economic welfare of the District. The Remobilization Fund aims to connect businesses in the Medical District with the resources necessary to purchase inventory, re-hire staff, or cover other hard or soft costs during this re-opening process.
Medical District businesses can apply as long as the application is open; awards will be made on a rolling basis. Approval is at the sole discretion of the Memphis Medical District Collaborative. There are limited dollars for these funds.
ELIGIBILITY
Business must be located within the Memphis Medical District boundaries (Medical District Boundary MAP) https://www.mdcollaborative.org/neighborhoods
Business must be neighborhood-serving (provide goods and services for the residents, employees and students of the Medical District)
Business must have been awarded COVID-19 Restart or Remobilization support dollars (grants and/or loans) from a CDFI or other agency focused on helping businesses re-open.
CDFI’s and agencies that are supporting small businesses in the Medical District Geography include but are not limited to:
See our MMDC Resources Page or contact vmitchell@mdcollaborative.org if you need support applying for any opportunities our partners have available at this time.
IMPORTANT NOTE: Your MMDC remobilization fund request must be no more than a portion of the other COVID-19 support you are receiving. You can request NO MORE than:
10% of the PPP (or government loan/grant) funds you received,
30% of the relief loan dollars you have received.
All this will be verified with the documentation you must submit in your application. The max possible award amount is ***$10,000*** - do not request more than $10,000. For example, if you received $10,000 in PPP you can request $1,000 as 10% of that and if you received an $30,000 loan from Pathway Lending you can request $9,000 as 30%. If you received both of those awards, your total request would total $10,000 and you would be eligible for $10,000 in MMDC Remobilization Fund support.
MORE DETAILS
Click here to download full grant fund description and details including process, timeline, eligibility, terms, etc.
APPLICATION
Applicants will be required to upload supporting documents into a short webform.
QUESTIONS?
Contact us at info@mdcollaborative.org