Bedford launches small business support program
Small businesses in Bedford, many of which are struggling to survive because of the coronavirus pandemic, could receive a boost from a new support program, the town and its Economic Development Authority announced Monday.
Locally owned businesses comprise the majority of establishments located within Bedford town limits, said Jonathan Buttram, EDA Chairman. The goal of the town’s small business support program is to keep their small businesses afloat and allow them a chance to reopen on the other side of the pandemic shutdown with as straightforward an application process as possible, council members said in a meeting last Thursday.
The grant program totals $150,000. Grants are available up to $5,000 for qualifying small businesses in the town of Bedford. Grants are awarded on a first-come, first served basis, the EDA said.
Funding for this program comes from four pools of money: existing EDA funds, meal tax revenue allocated to the EDA, Bedford town’s unrestricted fund balance, and electricity and utilities revenue. Each funding source comprises 25% of the total program value, at about $37,500 from each source. No extra money is coming from town residents to foot the bill.
After discussion, town council members established parameters for qualifying businesses, ratified by the EDA in a meeting Friday.
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