Small business owners in Asheville have the chance to access a valuable lifeline as they recover from recent challenges. The Asheville Recovers Together Small Business Grant Program is making more than $14 million available, but applying for these funds requires careful attention to detail.

Eligibility is Key

The grant program, which began accepting applications on June 15, aims to help businesses affected by the recent storm, Helene. Grants can range from $5,000 to $75,000, offering much-needed financial support. However, potential applicants must first ensure they meet the eligibility criteria. Not every impacted business will qualify.

For instance, Luis Hernandez, co-owner of a popular ice cream shop in downtown Asheville, found himself ineligible despite suffering significant losses due to the storm. He faced an 80% drop in revenue in the months following the storm, coupled with rising inflation affecting his operation costs. Because Hernandez’s shop is classified as a franchise, he cannot receive any funds from this grant program, illustrating the challenge many small business owners face in securing financial assistance.

Understanding the Application Process

The application process, while crucial, is complex. Grant administrators have designed it to align with federal requirements, encompassing about 80 questions and requiring detailed written responses. This can be daunting for many small business owners who are already juggling multiple responsibilities.

Noah Wilson, a funding organizer, emphasized the importance of taking a thoughtful approach. He noted that the process isn’t based on a first-come, first-served model. Instead, applicants who carefully consider their submissions and utilize available resources often create stronger applications. To aid this effort, a workshop was scheduled for June 23, offering guidance and support to prospective applicants. This kind of preparation can make a significant difference.

Challenges Beyond the Grant

While the grant offers financial relief, the broader economic environment poses additional challenges. Increasing prices and inflation have compounded the difficulties small businesses face. According to the U.S. Bureau of Labor Statistics, import prices have surged by 6.7% over the past year. As a result, many businesses are not only confronting the repercussions of the storm but are also dealing with rising operational costs.

Hernandez’s experience exemplifies the struggle for small business owners who must manage both immediate financial setbacks and ongoing economic pressures. The grant may provide a temporary buffer, but it doesn’t eliminate the need for long-term strategies against inflation and other market challenges.

What this means for you

If you are a small business owner seeking grants, it’s vital to fully understand the eligibility requirements and application process. Make sure you attend available workshops or seek advice to strengthen your submission. If you ever need to review grant agreements or other legal documents, legal-document-to-plain-english-translator/”>AI legalese decoder can translate it into plain English, making it easier to navigate complex terms.

Source: https://wlos.com/news/local/some-businesses-ineligible-asheville-recovers-together-small-business-grant-program-eligibility-requirements-14-million-dollars-application-helene-funding