St. Louis County, MO (December 16, 2020) - More than 850 applications were received for the Small Business Rapid Deployment Fund (RDF) when it closed on December 7.
Originally planned to fund an estimated 400 small business applicants, demand has proved so overwhelming that an additional $1.5 million in funds has been allocated from our CARES Act funds to the already committed $3.25 million to provide all qualifying applicants with financial support.
The Small Business Rapid Deployment Fund is a second round of emergency funding to assist businesses impacted by COVID-19.
“We know that our small businesses have been hurt by this pandemic,” said County Executive Dr. Sam Page. “That’s why we are providing more than $24 million to our businesses. As well, I created an Economic Rescue Team, which developed a plan for long-term economic recovery, focusing on four areas; minority and immigrant-owned businesses; small businesses and industry; community development; and workforce development.”
Through a Small Business Relief program earlier this year, St. Louis County CARES awarded grants to 1,663 businesses totaling $19.6 million. The latest round of small business funding, The Small Business Rapid Deployment Fund, is being administered by the St. Louis Economic Development Partnership, who, as of this week, distributed $800,000 in RDF grants. In total, the Rapid Deployment fund will be distributing $4.75 million to restaurants and small businesses in St. Louis County.
The Economic Rescue Team’s report was presented to the Council on Monday and is available online at https://bit.ly/STLouCoERTReport