The financial challenges of 2020 have carried over into 2021, and small businesses are still searching for new hope in the new year. More help is available in the city of Dallas.
The city is extending a critical 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. The first round accepted applications last May, and since then, 400 grants totaling $4 million have been given to struggling small businesses.
This time, the city of Dallas anticipates giving grants, up to $15,000 apiece to 200 businesses during this application cycle. The grants will top out at $2.7 million from the Small Business Continuity Fund.
Zarin Gracy, Dallas’ Assistant Director of Economic Development says there’s always been grant and loan money available for Dallas’ small businesses, but the challenge for many is knowing how to get it.
“It’s just a matter of knowing where they are, and what you need in order to gain access to them,” said Gracy. “So one of the things that we want to do is get them connected in this ecosystem, get them in the position so that they can receive loans through one of our CFI’s, or some grants and things that are available. Just really connect them to the other resources that exist.”
There are eligibility requirements to get money from the Small Business Continuity Fund:
- Place of business must be in the city of Dallas.
- Business revenue must be less than $1.5 million.
- Business must show at least a 25-percent loss due to the pandemic.
Eligibility applications will be accepted on the City of Dallas’ Office of Economic Development's website, starting Wednesday, Feb 3 at 9 a.m., until Wednesday, Feb. 10.
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Eligible applications will then be entered into a lottery system to generate a ranked list of businesses that will then be invited to submit a complete application.