Dedicated to women and minority-owned businesses, this non-repayable grant is for up to $25,000 on SBA owner occupied commercial real estate loans for business locations within select areas.
IMPORTANT TAX INFORMATION: Our grant can be considered taxable income by both state and federal authorities, which means, you may owe more in taxes. If you choose to accept this grant, we’re required to report the funds we gave to you to the Internal Revenue Service (IRS) on Form 1099-MISC. We’ll also send you a copy of this form for your tax records. We will need a copy of your W-9 to determine your tax implication. Before accepting this grant, you may want to talk to tax advisor.
Own property and grow your wealth and equity
Expand your business and give yourself the opportunity to reach your potential
Add and contribute to developing job opportunities in the community
Sole proprietorships and business entities whose sole owner or principal owner(s) self-identifies as a woman, Black or African American, Hispanic or Latino, Native American or Alaska Native, Asian, Native Hawaiian or other Pacific Islander — with 51% ownership and control of the business.
The grant portion of your down payment — up to $25,000 — does not have to be repaid.
Yes. This program applies to SBA loans for the purchase of owner-occupied commercial real estate within the city.
Yes. You may still apply for SBA loan products, which require a down payment as low as 10% and may feature longer repayment terms. SBA loans are available to both new and established businesses.
As an SBA Preferred Lender, Bank of America can provide better terms plus a smooth application and closing process. We may also be able to help with down payments and other costs.
