The monetary challenges of 2020 have carried over into 2021, and small companies are nonetheless looking for new hope within the new 12 months. Extra assist is accessible within the metropolis of Dallas.
The town is extending a crucial useful resource for small companies struggling to maintain their doorways open.
It’s referred to as the Small Enterprise Continuity Fund, and it’s a grant program that has reopened a second time for functions. The primary spherical accepted functions final Could, and since then, 400 grants totaling $4 million have been given to struggling small companies.
This time, the town of Dallas anticipates giving grants, as much as $15,000 apiece to 200 companies throughout this software cycle. The grants will high out at $2.7 million from the Small Enterprise Continuity Fund.
Zarin Gracy, Dallas’ Assistant Director of Financial Growth says there’s at all times been grant and mortgage cash obtainable for Dallas’ small companies, however the problem for a lot of is understanding the way to get it.
“It’s only a matter of understanding the place they’re, and what you want so as to acquire entry to them,” mentioned Gracy. “So one of many issues that we need to do is get them related on this ecosystem, get them within the place in order that they will obtain loans by way of considered one of our CFI’s, or some grants and issues which are obtainable. Simply actually join them to the opposite assets that exist.”
There are eligibility necessities to get cash from the Small Enterprise Continuity Fund:
- Administrative center should be within the metropolis of Dallas.
- Enterprise income should be lower than $1.5 million.
- Enterprise should present at the least a 25-percent loss as a result of pandemic.
Eligibility functions might be accepted on the Metropolis of Dallas’ Workplace of Financial Growth’s web site, beginning Wednesday, Feb 3 at 9 a.m., till Wednesday, Feb. 10.
Eligible functions will then be entered right into a lottery system to generate a ranked record of companies that can then be invited to submit an entire software.