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Another $7 million in pandemic aid will soon be available for Anchorage small businesses, and applications open Friday, Dec. 18, according to the city.
On Tuesday the Anchorage Assembly passed a $15.4 million economic stimulus package to help soften the blow of the latest round of pandemic-related business closures.
The $7 million for small businesses will be distributed through the municipality’s Small Business Relief Grant program. Much of it will go to businesses that had previously applied to the program and were put on a waitlist. There is also some money for new applicants.
Businesses who are approved will receive $10,000. Cook Inlet Lending Center is administering the program, and the funding can go to support business operations — anything from paying employees to rent, utilities and paying vendors.
The $7 million is broken down into three specific pools: $5 million will go to waitlisted businesses from previous small business grant applications, with $1.9 million set aside for businesses that did not previously apply to the program, as well as for any remaining waitlisted applicants. Another $120,000 will be available to franchise businesses that previously applied for relief but were rejected due to being a franchise, according to the city’s announcement.
Businesses will be awarded by random selection, and applicants who were waitlisted previously do not need to reapply. They will automatically advance to the random selection process, the city said.
The city listed several requirements for new applicants.
• The business must be in the municipality.
• In 2019, the business must have earned $2 million or less in gross revenue.
• The business must have been affected by the COVID-19 pandemic.
• The business must have opened on or before March 1, 2020.
• The business can’t be restricted to customers over 18 or 21, like a liquor store or a smoke shop.
• If the business is a sole proprietorship, single-member LLC or corporation with only one shareholder, the owner must get at least three-quarters of their personal gross income from the business.
Businesses that already got funding from a previous round of the grant program are not eligible for another grant, the city said.
Businesses can apply at cookinletlending.com starting Dec. 18. The program is also accepting emailed applications at reliefgrant@cookinletlending.com or applications submitted in person at 3600 Spenard Road, Suite 100.