TRAVERSE CITY, Mich., April 25, 2020 /PRNewswire/ -- Hagerty today announced the launch of its "Restore the Roar" grant initiative to help jumpstart U.S.-based enthusiast vehicle restoration shops, specialty parts manufacturers and other related businesses negatively impacted by the COVID-19 economic decline.
Applications are available online starting today and due by May 4.
"Many of the events we partner with have been canceled for this year, so we are redeploying that money to help the small businesses in this industry," said Hagerty CEO McKeel Hagerty. "These small shops and talented craftspeople are the engine that keep this industry alive. So, if we can help keep a few of them afloat during this tough time, we're honored to do so."
Grants will range from $5,000 to $10,000 and be awarded in mid-May.
To be considered for the Hagerty "Restore the Roar" small business grants, a business must:
Be independently owned and operated
Have fewer than 20 employees
Have annual revenue less than $5 million
Be 50 percent focused on the collectible and enthusiast vehicle industry
Demonstrate need based on the crisis' impact on business
"We are viewing this as a first step," Hagerty said. "Coronavirus isn't suddenly going to go away, and neither will its economic effects, so we are working with our partners to see if we can make this grant program something that will last beyond the near-term."
About Hagerty Hagerty is an automotive lifestyle company. Our mission is keep driving alive for car lovers and drive positive change in the world. Hagerty is home to Hagerty Drivers Club, DriveShare, Hagerty Valuation Tools, Hagerty magazine, Hagerty Media, MotorsportReg. Hagerty is the world's largest provider of specialty insurance for enthusiast vehicles and supports keeping car culture alive through youth programs, the Historic Vehicle Association (HVA) and the RPM Foundation. For more information, call (800) 922-4050 or visit www.hagerty.com.