Execs Create MySVOG To Get Grant Applicants To The Finish Line

Hoversten notes that either they are not aware the program exists, or have avoided what is a reportedly frustrating application process, or simply don’t realize they could be eligible. He’s out to get them on board with MySVOG.com, by providing experts who will guide applicants through all facets of the process from application to funding. 

According to the SBA on July 19, 15,209 total applications were received and 8,967 awards granted worth $6.8 billion. Of those applications, 3,120 came from live venue operators or promoters; 2,516 from live performing arts organization operators; 948 from talent representatives and the rest from movie theaters, museums and theatrical producers.

Those numbers may sound big, but when one considers the possible number of entities, and the fact the amount thus far awarded is $6.8 billion of a $16 billion SVOG appropriation, it’s likely far more haven’t applied than have. 

“This grant program is designed to help our industry get back to work,” Hoversten tells Pollstar. “But there are clearly way more affected businesses out there. Interestingly, everybody that we’ve assisted was somebody who either wouldn’t have done this on their own because it was too hard, or they didn’t know about it.”

MySVOG is a team of music and entertainment executives who “are on a mission to help owners, operators, friends, colleagues, and artists keep their dreams and businesses alive by reinvigorating the industry and keeping our cherished venues open,” according to the website’s mission statement. The service is designed to guide applicants through every step of the process including filing the initial application, uploading the volumes of requested information, answering questions and seeing it through to getting funds deposited in bank accounts.

Under the program, qualifying entities are eligible for grants up to $10 million calculated on 45% of their 2019 gross revenue.

Applicants can go to the MySVOG.com website and fill out a brief questionnaire including contact information, which takes less than 3 minutes. An expert from the MySVOG team will call and begin the process of guiding the applicant through a complicated process.

“We gladly do all the work and handholding, including having an expert in the process jump on calls/Zooms to go over the eligibility, the required documentation and, ultimately, submitting the application,” Hoversten continues. “We’re proud that our clients are getting notified of awards. The true rewarding part for us is getting to strategize with the clients about how to use the grant funds to reinvigorate their businesses and put people back to work.” 

The peace of mind would seem to be worth it, if the multitude of stories of frustration with the SBA and SVOG application are even a small indication. 

The SVOG application process has undergone many changes since Congress first passed the funding bill creating it back in December. In some cases, rules changed after the SVOG application portal opened, causing more confusion and frustration among potential applicants, some of whom have indicated on social media that they were considering abandoning their efforts.

“One of our intents is to make sure that all of the information is submitted properly on the front end, we have a team reviewing the information to make sure to the best of everyone’s ability it’s complete,” Hoversten says. “We’re working diligently in an effort to do more rather than less to hopefully avoid delay in the funding process.” MySVOG team members have kept up with the rule changes and are prepared to answer questions and ensure required forms are correctly filled out and uploaded, and follow up with the SBA when there are discrepancies.

“If you’re a small business owner or a large operator who appreciates subject matter experts or, in many cases, a group that doesn’t have the benefit of really sophisticated accounting and finance people, we’re a value-add extension of your company lending a helping hand to say, look, we’ve done dozens of these, we know this application back to front,” Hoversten says.

For those still sitting on the fence about filing an SVOG application, Hoversten wants to stress that this program awards grants based upon gross, rather than net revenue, which makes it significant. 

“If you haven’t seized this opportunity yet, I would encourage you to please evaluate the incredible value of this program,” Hoversten says. “What we have all been through is devastating but I believe this will enable us to come back stronger than ever and we’re already seeing it with the pent-up demand of the music fan. We want to ensure as many of our beloved venues, festivals, and events have the opportunity to experience the rebirth of this industry and we’re committed to doing anything we can to help you both during and after the grant process.”