The University of Chicago Grants to182 Small Businesses Affected by the COVID-19 Outbreak
As coronavirus continues to spread wildly across the world, businesses are preparing to adopt the next normal. It is to no surprise that businesses, especially small companies, are struggling to get back to their feet again due to coronavirus impact. This is why governments, private entities, and well-wishers are providing grants to help stabilize economies and restart growth. In its own way of supporting struggling businesses during the COVID-19 outbreak, the University of Chicago has awarded grants to 182 Chicago small businesses affected by the pandemic.
UChicago Releases More Than $680,000 Grants to Support Small Businesses
The University of Chicago enters the list of institutions striving to ensure the economy normalizes by supporting struggling businesses. It has provided more than $680,000 grants to 182 businesses in the southern region affected by the COVID-19 crisis. The University of Chicago says that the grant beneficiaries include all independently operated and owned businesses with less than three locations within its neighborhood areas. These areas of focus include Washington Park, Douglas, Hyde Park, Greater Grand Crossing, Kenwood, South Shore, Woodlawn, Oakland, and Boulevard.
The grants focus mainly on small and struggling businesses. Many of these grantees include health facilities, fitness centers, restaurants, day cares, cultural institutions, construction companies, shops, and personal care services.
Business Eligibility
The COVID-19 Community Support Initiative started on 30th March by the University of Chicago and was set to provide grants to small businesses operating in the University’s neighborhood. Each company was eligible to obtain up to $7,500 as part of the program. The awards included $125,000 obtained from a $250,000 grant offered by the team’s charitable program (the Chicago Bears and Bears Care). The University of Chicago said the funds provided to small businesses are set to cover operating expenses and support the affected employees, most of who are residing in South Side.
Selection Criteria
While several businesses need financial support during this period, the grant recipients were selected based on a combination of qualities. The University considered various aspects, such as how significantly the COVID-19 outbreak affected business and the possibility of the funds to support employees directly. Similarly, apart from benefiting employees and business owners, the grants aimed at helping commercial activities across the South Side. That is why the funds focused on brick and mortar businesses that are open to clients or customers. the University also considered those businesses that could prove to be a community asset – companies had to demonstrate a convincing history to qualify.
Mr. Derek Douglas, the vice president for civic engagement and external affairs, stated that small businesses are an integral part of the economy and are essential to the vitality and stability of the community as a whole. He further noted that the coronavirus had taken a toll on several local businesses, particularly the small companies. In his statement, he hoped that the grants provided could help individual business owners and their employees kick start the next normal in a better way. Mr. Douglas also said they aimed to ensure that the South Side commercial ability rebound during and after the economic and health crisis.
In April, the Chicago University initiative awarded about $155,000 in grants to businesses and $155,000 as rent relief to small business tenants, as well as $400,000 grants to support non-profits within the South Side region. Additionally, the University’s Community Support Initiative partners with Greater Chicago Food Depository (a community non-profit dedicated to fighting hunger) to give out 225,000 meals to South Side residents, University of Chicago Medical Center care providers, patients, along with their families.