Black, Indigenous, and People of Color Grant

       

About the Program

Flagstar Bank’s grant program purpose is to help for-profit small businesses in the key markets of Indiana (South Bend and Fort Wayne); California (High Desert of San Bernardino County) and Michigan that have been affected by the COVID-19 crisis with their operating expenses. Grant amounts will be $5k per business

Goals of the Program

To provide immediate financial support to BIPOC small businesses and entrepreneurs in Flagstar Bank’s market areas of Indiana, Michigan and California. This is to provide working capital grants to qualifying applicants.

You can download this information for your reference here

Timeline

There is one round of applications for this program, as follows:

-Applications will go live: November 9.
-Applications due: November 20 by 5p.m.
-Applicants notified of grant decisions: December 4, by 5 p.m.

If awarded, funds will be issued within a few days of decision dates.

How to Apply

  • Review the eligibility and requirements below before proceeding to make sure your business is eligible for this program.
  • Complete the application.
  • Email the application form along with additional required documents to bipocgrant@grabblocal.com
  • Documents Required
    • Application Form
    • W-9 (Download Here)
    • Most recent tax filing
    • Most recent two months of bank statements
    • Certificate of Good Standing
  • Incomplete applications will not be considered.

Eligibility Requirements

The following is a list of grant criteria and eligibility requirements:

  • Grant amount $5,000 per business.
  • Businesses with annual revenues no more than $1 million.
  • Businesses must have been in existence a year or longer.
  • Businesses must be for-profit.
  • If a business owner operates more than one business, only one application for a single business will be accepted.
  • The business name on the application must match the records with the State, County and City. Your business must be in good standing with the State, County and City.
  • Certificate of Good Standing.
  • The business must have a business address in the Flagstar Bank’s key geographies of
    Michigan, Indiana (South Bend and Fort Wayne) and California (High Desert of San
    Bernardino County).
  • Grants may be used to cover the day-to-day operating expenses of the business, such as rent, working capital, payroll, utility bills or losses due to destabilizing events, etc. Grants may be used for transitioning to e-commerce, curb-side pick-up, delivery integrations and other creative solutions to increase revenue.
  • Agree to share financials and other essential information
  • Agree to share change in business as a result of the grant funding

 

What businesses are NOT eligible to apply?

  • Businesses that are franchises and chains are not eligible to apply.
  •  Only socially acceptable businesses – no liquor stores, cannabis, etc. (per SBA guidelines)
  • Independent contractors operating multilevel or network marketing businesses (such as Avon, Mary Kay, 5LINX, Pampered Chef, etc.) are not eligible to apply.
  • Independent contractors working on gig platforms (such as Airbnb, Fiverr, Uber, Lyft, Instacart, etc.) are not eligible to apply.

Additional Info

How Do I apply for a grant?

  • Grant applications are to be electronically submitted through our website at: grabblocal.com

Do I need a bank account in my business name to receive a grant?

  • Yes – Grant awards are issued to the name of the business on the application.

Who should I contact with technical Difficulties submitting my application?

  • Send emails to bipocgrant@grabblocal.com

What is the application submission deadline?

  • Grant applications must be submitted by November 20 by 5p.m

What happens after submitting an application?

  • Applicants will receive an automatic confirmation email confirming receipt of your application.
  • Upon review the review of grant requests, applicants will be notified within 15 days of the status of their submission.
  • Grant awardees will be issued a check payable to the business name on the application.

Is the information and data within my application held private?

  • Yes. Individual applicant information and data will not be shared beyond the purposes of review during the award selection process. Applicant data will not be sold. Aggregated applicant data may be reported for evaluation and knowledge-sharing purposes.

Are grant awards taxable income?

  • Yes. All awards are taxable income and a W-9 form is required.
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