COVID relief funds available to help Delaware small businesses

As the COVID-19 crisis continues, small businesses that are fighting to stay afloat now have access to a new emergency relief fund created by True Access Capital, a Delaware-based, nonprofit, federally certified Community Development Financial Institution.

True Access has launched the Small Business Relief and Recovery Loan and Grant Program to support businesses that have struggled as a result of COVID-19. Small businesses that were unable to take advantage of federal and state relief funds, and have experienced closure or reduced revenues as a result of COVID-19 are encouraged to apply.

True Access Capital’s emergency funds include a low-interest loan, up to $20,000, with interest and principal payments deferred for the first six to 12 months. While funds are available, each business that receives a loan will also receive a $5,000 grant.

“Many small businesses, particularly minority- and women-owned businesses, were not able to take advantage of federal or state relief programs,” said Vandell Hampton, president and CEO of True Access Capital. “We created this loan fund in order to fill the gap. We want to help those small businesses that were missed.”

The loans may be used to support operating expenses, retool existing operations such as dine-in restaurants shifting to takeout or delivery, and relaunch or reopen following a temporary closure.

“This program would not have been possible without the support of our funders, Bank of America, Delmarva Power, WSFS Bank and Barclays,” said Hampton. “The pandemic crisis is going to be with us for a while, so we wanted to help the businesses that need us the most.”

To apply, business owners should contact True Access Capital at 302-652-6774, Ext.113 or bwillis@trueaccesscapital.org.