SBA offers $28.6 billion restaurant revitalization fund

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The Small Business Administration is offering a multibillion-dollar revitalization fund specifically for restaurants.

The registration window for the $28.6 billion fund will begin Friday morning while applications will be available Monday at noon, SBA Administrator Isabella Guzman announced.

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The application will be open until all of the funds have been exhausted.

“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” Guzman said. “They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”

“The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are,” she continued. “And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.”

The funding came from the American Rescue Plan, which President Joe Biden signed into law March 11.

“Recognizing the great urgency to help restaurants keep their doors open — and with a clear mandate from Congress — the SBA worked at a breakneck speed and is excited to launch this program,” said Patrick Kelley, SBA associate administrator in the Office of Capital Access. “From day one, we engaged with diverse stakeholders in the food industry community to make sure we built and delivered the program equitably, quickly, and efficiently.”

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For the first three weeks of the program, the SBA will prioritize funding for small businesses owned and controlled by women, veterans, and those who are socially or economically disadvantaged.

After that, the funding will be allocated on a first-come, first-served basis.





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