Warwick will provide small businesses impacted by the COVID- 19 pandemic up to $10,000 through a small business loan and grant program announced by the mayor’s office this week.

The two programs, each funded with $250,000 from the $1.1 million the city received in COVID block funds under the CARES Act, are being administrated through the city’s Office of Housing and Community Development.

“Having run his own business, the mayor wanted to do something for small businesses still suffering from the pandemic,” said William Facente, acting program coordinator/housing officer.

The programs are the Micro-Enterprise Grant and the Small Business Loan.

The Micro-Enterprise Grant will provide up to $10,000 to businesses and help to cover costs such as rent, staffing and utilities. To qualify, the business must be in Warwick with no more than five employees and one or more of the employees must be an owner. The owner’s income must be low moderate and the business must have been established prior to Jan. 1, 2019.

The Small Business Loan will provide forgivable loans to businesses that continue to be negatively affected by the pandemic. Businesses with 25 or fewer employees, and have experienced at least a 50 percent loss in revenue due to the pandemic and has either retained or created at least one low/moderate income job are eligible to apply for up to $10,000 forgivable loan under this program. The funds may be used for operating payroll or rent and for running day-to-day operations. To qualify, businesses must have a location in Warwick for a minimum of 12-months.

Of the $1.1 million from the CARES Act, Facente said about $600,000 was distributed to six nonprofits that provided a cross-section of services to people impacted by the pandemic from day care scholarships and food relief to enhanced meals on wheels.

Facente said small business programs like those being offered are a first for Warwick. He said programs are being offered in Providence, Pawtucket and other municipalities, providing Warwick with a template for its programs.

Thus far, there have been no applications under either program.

Facente said a committee made up of a representative from the Central RI Chamber of Commerce, a lawyer, CPA, a local business owner, himself and other would review application that can be found on the city website under Community Development. There is no deadline for applications.

“These are rolling applications,” Facente said.

Facente can be reached at 921-9688 for those with questions.

“There has been a lot of money thrown at small business,” Facente said of federal program such as at Payroll Protection Program (PPP). He reasons some small businesses continue to suffer as they are unable to fill positions or obtain product because of the supply chain.

For the full list of qualifications and to apply, head to:  warwickri.gov/community-development/pages/covid-19-business-assistance-programs.