Launching the next phase of our Longevity Fund: $1 million in small business grants
Welcome to Chinatown launched The Longevity Fund in July 2020, the only small business relief program for Manhattan Chinatown with equitable access in mind. We started the Longevity Fund as a way to support the most at-risk small businesses, prioritizing businesses where cultural and socioeconomic barriers have prevented them from applying for assistance programs.
Since launching The Longevity Fund we have distributed 45 grants at $5,000 each ($225,000 total) back into Chinatown. These grants help alleviate mounting overhead costs (rent, labor, insurance, utilities, etc.) and offer small business owners some peace of mind and reassurance – creating space to focus on recovery. To date, 100% of our Round 1 and Round 2 recipients remain open, with 100% of our survey respondents indicating the Longevity Fund was a factor in preventing them from shuttering.
Although these funds have helped prevent the shuttering of culturally significant businesses, Chinatown still needs our help. A survey conducted by Welcome to Chinatown in February 2021 found two important needs persist: rent and labor/wages. 71.4% of respondents were unable to pay rent in rull in 2020, and the average amount of rent still owed is $32,000.
On May 1, we are relaunching The Longevity Fund to continue recovery efforts and drive long-term sustainability through business recuperation and improvement. Our goal remains the same – doing all that we can to say Chinatown will always be open for business. Welcome to Chinatown aims to distribute $1 million in grants to Manhattan Chinatown small businesses by the end of 2021.
Awarded on a monthly basis, The Longevity Fund will provide assistance in the form of monetary grants to assist Manhattan Chinatown small businesses with recovery and improvements. Small businesses may submit a request for proposal in the categories of business recovery (utilities, rent, insurance, labor/wages) or business improvement (marketing, physical space improvements, operations, etc.). With The Longevity Fund relaunch, we hope that we ensure Chinatown, both its community and legacy, will be here for future generations from all walks to life to enjoy.
Timing for Applicants
Applications for The Longevity Fund will open on the 1st and close on the 14th of each month.
Recipients will be notified by the 21st of each month and awarded by the last day of the month, pending receipt of all acceptance materials.
Applications not accepted will automatically be rolled over for the next three months. Applicants can update their application during this time frame.
Applications requesting funds for business recovery/recuperation may only be granted once a year. Applications requesting funds for business improvements/sustainability may only be granted once every six months.
Previous Longevity Fund recipients can apply.
How to Apply
Applicants can visit https://welcometochinatown.submittable.com/submit to apply or visit https://www.welcometochinatown.com/the-longevity-fund-small-business-grants
Paper applications will be made available by Welcome to Chinatown canvassing volunteers
Questions? Contact development@welcometochinatown.com
How to Support
To make a tax deductible donation, click here. Make your donation go even further by signing up for your company’s corporate matching program.
Questions? Contact makeagift@welcometochinatown.com
