HOBOKEN, NJ - Thanks to money raised through a variety of community outreach initiatives, the Hoboken Relief Fund has begun issuing grants to local businesses struggling to cope with the economic hardships brought on by COVID-19 restrictions.
Established in early May, the Hoboken Relief fund conducted a series of fundraising virtual concerts and solicited donations from the community as part of the City's plan to assist battered local businesses that were impacted by the lockdown. Hoboken was among the first in the nation to shutter bars, restaurants, gyms and retail in the face of the pandemic.
According to the Hoboken Relief Fund, "We've awarded 40 small business grants to date, totaling $145,000 ($3,625 per grant)."
A breakdown of current recipients shows 30% fitness, 20% restaurant, 17.5% arts, 12.5% beauty, 10% clothing, and 10% other have been assisted through the grant program.
"All small business recipients have gone through a three-committee review process, assessing a complete picture of financial and business need/eligibility," says the Fund," and have been an awarded a grant size between $1,750 to $7,000 based upon revenue loss due to COVID shutdown."
The Hoboken Relief Fund is expected to distribute another 50+ grants (small business and individual) in the coming weeks.
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