In October, the City, in collaboration with the Lafayette Urban Renewal Authority (LURA), launched a second round of COVID-19 small business sustainment grants. The Small Business Sustainment Grant Program is intended to provide short-term bridge funding for Lafayette small businesses seeking relief options as part of a larger strategy for business recovery, resiliency, and sustainability.
All 70 businesses submitting a complete application, meeting all program criteria, and demonstrating evidence of immediate financial need were considered and awarded funding. Of these businesses, over 30 were first-time applicants and seven were home-based businesses, a new option for this second round of grants. A total of $464,600 was granted, with LURA contributing $167,200 towards the total funded amount. The first round of grants offered in April awarded 60 businesses a total of $433,000, $133,000 of which was funded by LURA.
“Small businesses are vital to the success and character of the Lafayette community,” said Mayor Jamie Harkins. “We know many businesses are working hard to overcome these difficult economic times, and we’re pleased to have been able to positively impact an additional 70 local establishments with the limited funds available for this program.”