City of Dallas Small Business Continuity Fund (SBCF)
Purpose: The Small Business Continuity Fund program was designed to assist low-to-moderate (LMI) microenterprise business owners (5 or fewer employees) or small businesses with 50 or fewer employees that retain LMI workers within the City of Dallas.
Funding: $5 million of U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) funding (as provided by the CARES Act). Plus an additional $2 million of CARES Act Coronavirus Relief Fund (CRF) funding.
Maximum loan amount: $50,000
Maximum grant amount: $15,000
Definition of small business: Business with less than 50 employees or revenue under $1.5 million. Microbusinesses are defined as a business with 5 or fewer employees, including the business owner.
Status of Program: Pre-applications were accepted from May 4th to May 11th, 2020. A lottery was held on May 22, 2020 to select businesses for consideration of funding. For the grant program, an initial 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. Starting June 15, selected business began completing their full loan or grant application through NDC. An additional 250 businesses have moved from the waitlist to the application stage. NDC is actively processing and funding eligible applications. Details on SBCF applications and awards can be found here.
City of Dallas Website: https://www.dallasecodev.org/565/Small-Business-Continuity-Fund
Phone number: (214) 670-1685
Applicant Training Recorded Webinar: Dallas City Small Business Continuity Fund Program