TODAY: Birmingham City Council holding Press Conference to discuss $125k in Small Business Grants
Press Release
January 30, 2024
On Tuesday, January 30th, the Birmingham City Council will be holding a press conference with representatives from the Penny Foundation to discuss the 2024 Future Forward Grant Cycle. The press conference will begin at 9 a.m. on the second floor of Birmingham City Hall (Gallery of Distinguished Citizens).
Council President Darrell O’Quinn, President Pro Tem Wardine Alexander and Councilors Clinton Woods, Crystal Smitherman and LaTonya Tate all contributed $27,500 from their office’s American Rescue Plan Act funding. The Penny Foundation will disperse more than 11 business grants per district in contributions of $1,000 and $2,500 to each organization. The initiative is aimed to assist small businesses respond to the negative economic impacts of the COVID-19 public health emergency.
Proposed use of the grants include:
• Portion of costs to retain employees.
• Mortgage, rent, utilities.
• Design services for future building improvements and developments.
• Building improvements and developments.
• Business Capacity Building - Adaptation
• Other operating costs.
“It’s hard to imagine where we would be as a society without small businesses that are owned and operated by members of our community,” Council President Darrell O’Quinn said. “It’s no secret that these businesses have faced unprecedented challenges during the COVID-19 crisis and beyond. It's crucial that we continue to rally behind these resilient entrepreneurs, providing them with the support and resources they need to rebuild and thrive once again. Investing in small businesses isn't just an economic imperative; it's an investment in the heart and soul of our communities.”
Eligible business applicants must:
• Own a small business with a valid business license in Birmingham’s District One, District Five, District Six, District Seven, or District Nine.
• Be currently active and open for business, and able to show proof of operation before February 15, 2020.
• Agree to implement proposed services or upgrades within one month of the awarded grant.
• Have less than 25 employees (micro-business or small business).
• Agree to use an approved/licensed professional consultant and/or other identified professional service provider.
• Stay in business for one year after receiving the grant or pay the appropriate pro rata share of the funds back to Penny Foundation.
“The Future Forward business grant cycle plays a crucial role in fostering innovation and sustainability. It's not just about financial support; it's an investment in the potential of organizations to make a lasting impact,” says Penny Foundation Founder Lyord Watson. “The grant cycle allows us to identify and empower businesses that align with our mission, driving positive change in our communities. It's a partnership beyond funding – it's about collaboration, growth, and creating a meaningful difference together."
Award winners will be announced at a reception for Future Forward on February 29th. For more information, please visit www.futureforwardfund.org