Small Business Continuity Fund
May 26, 2020 Update
Applications are no longer being accepted for the Small Business Continuity Fund loan and grant program.
Applications were accepted from May 4th to May 11th, 2020. A lottery was then held to select businesses for consideration of funding. Businesses who submitted a complete application were eligible for selection in the lottery. Selected businesses are required to provide complete documentation to a third party provider prior to the execution of a grant or loan.
On May 22, using numbers generated from Random.org, each City of Dallas business was put in an ordered list. For the grant program, 250 businesses were notified that they were eligible to move on to the next funding stage and an additional 100 were notified that they would be considered if funding remained available. For the loan program, 50 businesses were notified that they were eligible to move on to the next funding stage and an additional 40 were notified that they would be considered if funding remained available.
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 and commit to retention of at least 80% of their workforce. 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.
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. To see if your business is located in a targeted area, click here or on the map below.