(Allen Economic Development Corporation) – A $3 million small business grant program is being launched to assist Allen businesses with financial hardships due to COVID-19 following formal approval by Allen City Council at the June 23 meeting. Funding for the program will be provided by Collin County as part of the CARES Act, which was signed into law earlier this year.
The grant application window will begin at noon on Wednesday, June 24, 2020 and last through noon Tuesday, June 30, 2020. Local small businesses impacted by the pandemic are highly encouraged to apply at ndconline.org/ntxsmallbiz/city-of-allen/
“Small businesses are the backbone of our community” said Allen Mayor Debbie Stout. “This innovative and important use of CARES Act Funding will help these valued businesses continue supporting employment, entertainment, tourism and more despite ongoing challenges posed by COVID-19.”
The Allen Small Business Grants Program (SBGP) was created from the City of Allen’s Economic Recovery Task Force and has been spearheaded by the Allen Economic Development Corporation (AEDC).
“We know that small businesses have been greatly impacted and are in need of urgent financial support”, said Dan Bowman, AEDC Executive Director. “These funds will give businesses the help they need to rebound and are vital to supporting Allen’s economic recovery.”
To qualify a business must operate within the city of Allen, have less than 100 employees and have less than $15 million in annual revenue. Additional eligibility requirements apply and a full list along with program details can be found on the application page. Financial hardship, percentage of closure and other metrics will be applied to ascertain the impact of the pandemic on the business. Grant amounts will be calculated based on three months of fixed costs and three months of payroll costs. The maximum grant amount will be established by the Allen City Council on June 23rd and is expected to be at least $25,000.
Grant recipients for the Allen program will be notified by the City of Allen in early July. Funds are expected to be dispersed by mid-July. The City of Allen will manage the application process and the dispersal of funds to approved grant recipients through a third-party administrator.
The Allen program is similar in scope and disbursement to programs being launched in Frisco and McKinney. Teams from the three cities have been collaborating and will use the same third-party administrator to streamline the grant process. This collaboration is designed to help minimize the economic hardships experienced by Collin County businesses as a result of COVID-19. For more information about the Allen program, visit https://ndconline.org/ntxsmallbiz/city-of-allen/. For application questions, call (toll free) 1-833-696-0804 or email email@example.com. Please leave a message and you will be contacted within one business day.