Hagerty is riding — well, driving would be a more correct term — to the rescue of small, independently owned and operated businesses suffering as a result of the coronavirus pandemic. The collector car insurance, vehicle valuation and hobbyist company is offering grants ranging from $5,000 to $10,000 to business that meet certain criteria.
Those criteria include independently owned and operated, no more than 20 employees, annual revenue of less than $5 million, and are focused at least 50 percent on the collectible and enthusiast vehicle industry. Companies must demonstrate a need based on the crisis’ impact on the business and must explain how the funds will be used.
“These businesses and their talented craftspeople are the engine that keep this industry alive, McKeel Hagerty, Hagerty chief executive, is quoted in the announcement of the “Restore the Roar” grant program.
“If we can help keep a few of them afloat during this tough time, we’re honored to do so.”
Hagerty plans to invest up to $250,000 in the first phase of the grant program. The company added that those funds are not from its insurance-related businesses but from Hagerty Media properties and the Hagerty Drivers Club magazine.
Hagerty said grants will be awarded in mid-May. There is a May 4 deadline for applying through the Hagerty website.