#ShopLocal – Biznis Resource

The COVID-19 Impacted Businesses Grant Program or “Shop In Utah” grant will provide $25 million primarily to small businesses negatively impacted by the COVID-19 pandemic (75% will go to businesses with less than 250 employees). The grant is administered through The Utah Governor’s Office of Economic Development (GOED).

APPLY HERE!

Completed applications are accepted on a first-come, first-served basis and do not guarantee funding. The application window will only remain open as long as grant funds are available, so act fast!

Eligibility Requirements:

Have been in operation on March 1, 2020.
Have employees physically located in Utah.
Have experienced a revenue decline related to COVID-19.
Offer a discount or other financial incentive with an estimated value to customers of at least 50% of the total grant amount (discounts, coupons, or other offers).
Establish that the use of funds will benefit the state economy.
Not receive funding from the COVID-19 Cultural Assistance Grant program (“Create In Utah” grant)

To determine the specific grant amount, business owners must first calculate their total lost revenues. Then businesses must provide a “Shop In Utah” customer discount or promotion to cover at least half of their total lost revenues.

For example, if a qualifying Utah business has lost $20,000 in revenue since the coronavirus pandemic began, it could create a discount or promotion worth a total of $10,000 in savings to its customers to qualify for and claim a “Shop In Utah” grant worth $20,000!

Required Documentation:

A completed and signed W-9
A Profit & Loss statement for March to June 2019 if the business began operating before July 1, 2019; or a February 2020 Profit & Loss statement if the business began operating on or after July 1, 2019
A Profit & Loss statement for March to June 2020
A plan that includes a budget for the financial incentive offer to customers; the budget must establish how the funds will be spent before December 30, 2020

APPLY HERE!

2-STEP APPLICATION:

1) Set-up a username and password with the GOED application system (Note: it can take up to 24-hours to receive credentials to access the system).

2) Log in to complete the application and upload supporting documentation (NOTE: If you applied for previous GOED COVID-19 grant programs, please use this application link and the same access credentials)

NEED OTHER BUSINESS CAPITAL / FINANCE OPTIONS?

CLICK HERE FOR MORE INFO!

IMPORTANT TIPS: 1) Document all payroll costs, and 2) Create line items for each Covid-19-related expense (i.e., time spent on extra meetings, additional supplies purchased, increased cost of benefits. technology-related coping expenditures, etc.).

The Consultation is FREE, so there’s absolutely no risk!

Re-source today with Biznis Resource… the better, easier way!

In 2018, there were 30.2 million small businesses in operation in the United States, accounting for 99.9% of all businesses in the country. Small businesses have a huge impact on our society, yet so many Americans choose to shop at multi-chain stores and online retailers instead. About 1 in 12 businesses close every year, with low sales being the top cause.

While shopping online may be more convenient, local neighborhood stores create the backbone of the community we live in. They help strengthen the local economy, create close-knit communities, provide better customer care, and so much more.

Here are 5 reasons why you should support small businesses and #ShopLocal today and every day:

1. Small Businesses Strengthen the Local Economy

As of 2015, 58.9 million people have been employed by small businesses in the United States. Small business owners are more likely to hire locals, so shopping at these businesses frequently creates more job opportunities. Small businesses also tend to source products locally, thus supporting fellow local businesses.

2. Small Business Owners are More Likely to Give Back to the Community

In a study by Civic Economics, “48% of each purchase at local independent businesses was recirculated locally, compared to less than 14 percent of purchases at chain stores.”

3. You Benefit from a Close-Knit Community

Whether it’s at your local coffeehouse or the hardware store around the block, shopping at neighborhood businesses gives you the opportunity to better connect with other members of your community. Cities and towns with a higher number of local businesses are proven to have stronger social ties and more participation in civic affairs.

4. You Get Personalized Customer Care

Anyone who’s shopped at multi-chain retail stores has had the experience of walking into a gigantic store, being overwhelmed, and walking out without purchasing anything because no one was around to help. On the other hand, small business owners will go the extra mile to ensure you benefit from personalized support and local expertise.

5. You Enjoy Product Diversity

Would you prefer to purchase a unique, one-of-a-kind product or one that’s owned by thousands of other people? Shopping at a local business gives you the benefit of not only getting unique products, but also access to an inventory that’s almost as exhaustive as that of a big box store.

3 easy ways you can support your local businesses:

Introduce your friends and family members to your favorite local business by giving them a gift card. This way, you’re encouraging more people around you to #ShopLocal as well.
Take a few pictures at your local businesses and promote them on social media. Make sure to tag their social handles and mention what you love so much about them.
Leave your favorite local business a positive review on Yelp / Google / Facebook. People tend to leave reviews only when they have a negative experience with a business, so do the opposite and show some love for your favorite local store and let people know why they should visit.