WILMINGTON — In May 2020, Cornerstone West Community Development Corp. and the Wilmington Alliance formed the Wilmington Strong Fund to support small businesses during the COVID-19 pandemic.

During the first phase, the fund provided $1,000 grants to 98 small businesses to cover expenses such as rent payments, mortgage payments, and utility and supplier bills. During Phase II, the fund disbursed an additional 52 grants to small businesses. So far, the initiative has dispersed $151,000 in grants.

Of those awarded, 68% were minority business owners, 53% were women-owned businesses and 80% had revenues of less than $150,000. Awards were disbursed across diverse industries including food and beverage, retail, construction and professional services.

Grantees used funds to pay their rent or mortgage (41%), pay inventory or supplier bills (29%) or pay utility bills (22%).

Of the awardees, 78% reported that receiving this grant increased their confidence in keeping their business open. To view the full impact report for the Wilmington Strong Fund, click here.

“We are so proud of the success of this important partnership. Cornerstone West will continue to be a leader in finding pathways to build and strengthen our local economy with projects such as the Wilmington Strong Fund,” said Sarah Lester, CEO of Cornerstone West CDC.

As the project moves into its third phase, the Wilmington Strong Fund will implement the following programmatic efforts:

• Emergency grants — continue to disburse $1,000 grants to first-time applicants.
• Free marketing services — in partnership with WilmingtonMADE, a "shop local" campaign powered by the Wilmington Alliance, provide high-quality marketing photography and other advertising resources to all awardees.
• Storefront improvements — provide up to $5,000 to awardees from phases I and II for facade improvements.
• Equipment and interior repairs — provide up to $5,000 to awardees from phases I and II for interior repairs and equipment upgrades.
• Education — Awardees will receive priority status in an executive education program for established small-business owners, in partnership with Interise and the Delaware Black Chamber of Commerce.

“We remain committed to working to ensure that Wilmington businesses stay open,” said Renata Kowalczyk, president and CEO of Wilmington Alliance. “Wilmington Alliance is proud to be in a space to help create collaborative opportunities to do the right thing for our entrepreneurs and residents here in Wilmington.”

The Wilmington Strong Fund is led by a partnership between Cornerstone West CDC and the Wilmington Alliance, with support from Barclays US Consumer Bank, Comenity, the Mayor’s Office of Economic Development, True Access Capital, Cinnaire, the Delaware Division of Small Business, Central Baptist CDC, the Latin American Community Center, The WIN Factory, the Wilmington Community Advisory Council and Collaborate Northeast.

Applications for Phase III of the fund are being accepted. To apply for the fund or to donate, go online.