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River City Capital to aid small businesses with $1.6 million in COVID-19 Care grants

by Brianna Smith-Herman —

River City Capital Investment Corp., in partnership with the Community Foundation of Greater Memphis and Cummins Inc., has begun taking applications for $1.6 million in COVID-19 Care grants targeted for Black-owned small businesses and those in low-income neighborhoods.

Companies with annual revenue of less than $1 million are eligible for $20,000 grants.

In March 2020, the COVID-19 pandemic hit the United States, causing illness, death and widespread economic devastation.  

Social‐distancing restrictions and health‐ and economic‐driven demands shifts from COVID‐19 affected many small businesses and entrepreneurial ventures.

“Nationally, more than 40 percent of all Black businesses have closed due to the economic impact of the pandemic,” said Babacar Thiaw, River City Capital Investment’s Lending Executive in Residence.

River City Capital also will offer assistance to potential recipients, making sure they fill out the applications completely and have the necessary paperwork.

“After an extraordinarily tough year, this effort targets Black-owned businesses in neighborhoods that have been hit hardest. River City Capital is committed to providing financial services to those who have been underserved,” said Thiaw. 

This effort is great, not only for us as an organization, but also for the city of Memphis.  We go beyond traditional granting and this is an opportunity for us to help Black-owned small businesses that have suffered from the Coronavirus.” 

River City Capital’s mission “is to increase economic development in underserved neighborhoods by attracting and leveraging investment capital for community revitalization.”  

The grants will be distributed on a rolling basis as applications come in.

(For more information, visit rivercitycapital.org.) 

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