WSFS Bank announced a $200,000 donation to four organizations, providing relief grants to help local small businesses within the Bank’s footprint impacted by the pandemic. In addition, WSFS dedicated more than 200 Associates to work on Paycheck Protection Program applications and received approvals for more than 5,000 loans worth nearly $1 billion. These businesses employ about 100,000 people in the region.
As the pandemic continues to take an unprecedented toll on businesses in the region, many small businesses are struggling to maintain the funding needed to stay in operation. The relief grants will be administered in collaboration with four local community development financial institutions (CDFIs), including Entrepreneur Works Fund (Bucks, Delaware, Montgomery and Philadelphia counties).
To qualify for the relief grants, businesses must have annual revenue under $500,000; 50 or fewer employees; be open two or more years; preferably be located in a low or moderate-income (LMI) census tract; independently owned and operated; have experienced negative impact from COVID-19; plan to reopen post-COVID-19 and able to continue operating for the foreseeable future.
Grant funds must be used for working capital, purchasing machinery/equipment, improvements/alterations due to COVID-19 and inventory. Grants will be reviewed, recommended and administered by the CDFIs. Those seeking a grant should reach out to Entrepreneur Works Fund.