The Colony EDC has established a new program to assist local businesses experiencing financial hardship due to the Covid-19 pandemic and Gov. Abbott’s Declaration of Public Health Disaster and Order of mandatory closings or service disruptions.
The purpose of the program is to provide grants that will help local businesses that are the heartbeat of our local economy during this unprecedented time,” said Keri Samford, Executive Director of Development.
A total of $100,000 has been allotted to the grant fund. Grants will be awarded on a case-by-case basis with a maximum of $1,000 per grant. This provides the potential to help as many as 100 local businesses or more, as not all grants awarded will be for the maximum amount of $1,000.
To apply for a Small Business Support Grant, applicants must meet the following criteria:
- Have 25 Employees or less;
- Have a physical business location (not home-based);
- Be able to demonstrate the negative impact of COVID-19 pandemic such as reduced service operations, reduced revenues and inability to pay employees;
- Have been in good financial standing prior to COVID-19;
- Be located within the city limits of The Colony; and
- Have been in operation a minimum of six months prior to the Stay at Home orders being issued.
The funds can be used for rent, utilities, payroll, supplies needed to operate and marketing. The funds may not be used for taxes that are currently due or past due, or permits and city fees.
Businesses that are not eligible for the Small Business Support Grant include gas stations and/or convenience stores, grocery stores, liquor stores, and non profits.
Applications may be completed online at www.thecolonyedc.org through June 30th or until funds are depleted. Applications will be reviewed on a first-come, first-served basis by The Colony Economic Development Corporation staff. Approved grant requests will be funded in accordance with state law. All decisions will be final. If you have questions, please contact: firstname.lastname@example.org or 972-624-3111.
Download The Colony EDC Small Business Grant Overview (PDF)