Raza Development Fund, Inc. has taken the opportunity to work collaboratively with Asociación Puertorriqueños En Marcha, Inc (APM) in Philadelfia including community leaders, small business owners, non-profit organizations, schools, religious groups and residents over the last few years to support not only the preservation of the community’s interests and culture but to ensure that community members thrive, and benefit from opportunities. We are proud to be a part of this initiative and believe that we are stronger because of it.
For the past few weeks, the coronavirus (COVID-19) has caused massive disruption to our communities. The pandemic has resulted in a global crisis with the United States now being the country with the most COVID-19 cases in the world. This crisis has caused millions of people to lose their jobs in the United States, and many of our small businesses are suffering loss of income and facing the risk of imminent closure. As always, and particularly at this time of crisis, RDF is committed to serving low income communities and is stepping up its assistance to those who will be disproportionately affected. We are launching the COVID-19 Hope Fund with the initial support of Wells Fargo Bank, to provide emergency grant funding to small businesses in Philadelphia so they can be sustained while funds from federal government and SBA arrive to the community.
The fund will be disbursed for small businesses so they can continue to operate during this crisis by providing some working capital to support their current employees and operating costs.
In addition, the Hope Fund team will provide technical assistance to guide recipients through the applications for the SBA Economic Injury Loan and the SBA guaranteed loans from the paycheck protection program.
Qualifications and Priorities:
These businesses see Philadelphia as their base. Most of their customers are from or live in Philadelphia.
- They have a long-term history in the Philadelphia community.
They have employees who are residents of Philadelphia.
- They are looking forward to a continued presence in Philadelphia.
*Additional consideration and priority given to entrepreneurs that are not eligible for federal and state relief programs, specifically ITIN holders