City of Dallas – Applications for the Small Business Continuity Fund (SBCF) loan and grant program are now being accepted! The SBCF program is available to low-to-moderate (LMI) microenterprise business owners (5 or fewer employees) or small businesses with 50 or fewer employees that retain LMI workers. Businesses must be located in the City of Dallas. Businesses can apply for either a $10,000 maximum grant or a $50,000 maximum loan, but may not apply for both. Businesses must demonstrate at least a 25% reduction in sales/revenue as a result of the COVID-19 virus. The program is funded through the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) funding, and due to CDBG program requirements, non-profits are not eligible for this funding.
Applications will be accepted from May 4th to May 11th, 2020. After May 11th, a lottery will be conducted to select businesses for funding. Businesses must submit a complete application to be eligible for selection in the lottery, and must be able to provide complete documentation to a third party provider prior to the execution of a grant or loan.
There is a total of $5 million in funding available for this program. Of that, $2.5 million is available citywide for small business loans. The remaining $2.5 million is available as grants. The grant funding is divided into two categories, one city-wide, and the other targeted to businesses in high poverty or low median income census tracts.
Applications for the loan and grant funding, plus more information about the SBCF program, is available here.
