Our Small Business Recovery Fund Plan
COVID-19 has had a significant and heartbreaking effect on our vibrant Pike Place Market neighborhood that’s made up of thousands of farmers, craftspeople, artisans, small businesses and senior residents.
Sadly, more than 90% of the 500 businesses in the Market were forced to initially close as a result of the pandemic, resulting in a vast majority of businesses suffering a complete loss of revenue and mounting expenses.
A new Pike Place Market Small Business Recovery Fund will provide quick, flexible and critical gap funding to Market small businesses to help bring the Market back to its vibrancy. It will also create a path to longer term recovery as our businesses transition to new economic conditions and develop new strategies for business development. The Market is a community and this Recovery Fund is an essential tool in our rebuilding efforts that will greatly impact businesses, workers and the economic recovery of our entire region.
“Overnight, our business completely dried up and we had to adapt. Then, we realized COVID-19 wasn’t going away and we had to lean into this new business model,” said one Market merchant. “This grant helps us build out the part of our business that is showing promise, but that we don’t have the capital to invest in right now.”
The Market Foundation developed the new Recovery Fund in partnership with the Pike Place Market Preservation and Development Authority and with input from the Market’s small businesses.
This fund is intended to support the variety of businesses operating within the Market Historic District including:
• Commercial Tenants (aka “Stores with Doors”)
• Daystall Permit Holders (crafters and artists)
We’ve exceeded our goal to invest $500,000 to the Small Business Recovery Fund. But we still have need for further investment for many other Market businesses still in recovery.
We are focused on serving businesses demonstrating the greatest need and our ability to make a meaningful impact. The fund will be rolled out in phases based on the category of Market businesses and the phased reopening of businesses during the pandemic.
“I don’t think I ever would have made the investment in the equipment, it was just too much money to risk,” a Market Merchant told us. “I can’t really thank you enough for giving me the chance to take that risk and discover what a wonderful return on the investment it was!”
The community resource team at The Market Commons will administer the program and provide ongoing support for the Market’s small businesses. If you are a Market business owner, please click here for eligibility and opportunities to apply.