Small Business Recovery Fund

The Small Business Recovery Fund offered forgivable loans of up to $15,000 for brick-and-mortar businesses and $5,000 for home-based businesses and independent contractors within the City of Somerville that continued to be negatively impacted by the COVID-19 pandemic. The program accepted applications from November 2022 through March 2023. Program design and implementation were managed by the Economic Development Division of Mayor Katjana Ballantyne’s Office of Strategic Planning and Community Development (OSPCD), in partnership with iParametrics, LLC.

Ultimately, the program distributed $1,809,314 across 156 businesses. Of these, 72% were women- or minority-owned, 48% had not previously received funding from the City, and 96% were small businesses with fewer than ten full-time employees. To learn more about the full program, please see the final report below. If you have any questions, please reach out to economicdevelopment@somervillema.gov.