Heads up, Milpitas business owners:
The City of Milpitas is moving toward launching something called “The Milpitas Microenterprise Grant Program.” Its purpose is to grant financial assistance to 38 Milpitas businesses and their staff members.
The term “microenterprise” refers to businesses with 5 or less employees. The program, which was approved by the City Council at its August 4 meeting, will be able to provide grants in the amount of $5,000 to some such businesses if they have been affected by the coronavirus pandemic.
Said Councilmember Carmen Montano, who chairs the Milpitas Small Business Assistance Subcommittee, on the matter, “This microenterprise grant program is an investment in our local business community, which provides a lifeline to businesses that need financial assistance to stay viable.”
Here are the requirements that a business must meet in order to qualify:
–Have operated in Milpitas prior to March 16, 2017
–Operate out of a physical commercial storefront within the city limits of Milpitas
–Be classified as a retail, restaurant, service sector, or “mom and pop” business
–Demonstrate no history of loan delinquency or default since March 16, 2013
–Demonstrate good standing with the City of Milpitas and California Labor Commissioner’s Office
In addition, if your business has made more than $2 million (net-adjusted income) during 2018 and 2019, it will not qualify.
Those Milpitas businesses who are awarded grants will be able to put the grant money toward rent or mortgage payments, payroll, and/or operating expenses. If a business’s application is approved, it will be inputted into a lottery system, which will then randomly select 38 businesses to receive the grants.
Said Subcommittee member and Councilmember Karina Dominguez, “The COVID-19 pandemic requires short-term actions that will have long-term results. I believe in public and private partnerships that amplify local investment like our small business grant program. Economic conditions continue to evolve, and we are ready to support our business partners with vital resources and assistance. We must do whatever we can to save our small businesses who are the backbone of our community.”
The City will release more details soon.