What is LMI and what are the requirements for this grant?

LMI is low-and-moderate income persons. An individual is considered to be LMI based on their annualized family income. Overall, to be classified as LMI, an individual or family's household income must be less than or equal to 80% of the median income for the area where they reside.

Applicants must meet one of the following criteria below:

  • The owner(s) of the microenterprise are LMI persons (≤80% of the area median income (AMI), based on family size).
  • The service activity of the microenterprise is primarily residential, where at least 51% of the residents are low-and-moderate (LMI) persons, and the microenterprises services meet the needs of the service area residents. The microenterprise must serve only that area.

Show All Answers

1. What is the definition of a microenterprise business?
2. For microenterprises, what is the date of the “count” of number of employees?
3. What is LMI and what are the requirements for this grant?
4. How do I find out what the AMI is for where I live?
5. If there are multiple owners, do all need to meet LMI requirements in order to be eligible or does just one need to be eligible?
6. How long does a business have to be open to qualify for this grant?
7. How much money can one business apply for?
8. What documents will I need to submit with the application?
9. How is “currently in operation” defined?
10. Can businesses buy equipment with grant funding?
11. Are home-based businesses eligible?
12. Can the funds be used to assist a business owner with making payments on a loan that they received prior to the start of the pandemic, even if it’s for an equipment purchase?
13. How do I apply? What are the next steps?