The financial challenges of 2020 have carried over to 2021, and small businesses are still looking for new hopes for the new year. Additional help is available in the city of Dallas.
The city is expanding an important resource for small businesses struggling to keep their doors open.
It’s called the Small Business Continuity Fund, and it’s a grant program that has reopened a second time for applications. In the first round, applications were accepted last May. Since then, 400 small business grants totaling $ 4 million have been made.
This time around, the city of Dallas expects to grant grants of up to $ 15,000 each to 200 companies during this application cycle. The Small Business Continuity Fund grants are US $ 2.7 million.
Tsarina Gracy, assistant director of economic development in Dallas, says that grants and loans have always been available for the small businesses in Dallas, but the challenge for many is knowing how to get them.
“It’s just about knowing where they are and what you need to get access to them,” Gracy said. “One of the things we want to do is connect them together in this ecosystem and enable them to get credit through one of our CFIs or some available grants and things. Just really connect them to the other resources available. ”
There are eligibility requirements to receive money from the Small Business Continuity Fund:
- The place of business must be in the city of Dallas.
- Business revenue must be less than $ 1.5 million.
- The business must show a loss of at least 25 percent due to the pandemic.
Applications for admissions will begin on Wednesday, February 3, 9:00 a.m. through Wednesday, February 10, on the Dallas City Office of Economic Development website.
Eligible applications are then entered into a lottery system to create a ranking of companies who are then asked to submit a full application.