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Business Resources for COVID-19
Shuttered Venue Grant Program: The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance. Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. Eligible entities include:
Click here for more information. At Your Side Small Business Grant Program: As small businesses continue to weather the challenges of the pandemic, Main Street America has teamed up with Brother International on a grant program to provide support. The “At Your Side” Small Business Grant Program will provide funding to brick-and-mortar small businesses in designated Main Street districts as they work to adapt to COVID-19 and prepare for the next phases of reopening across the country, while also helping to revitalize and strengthen older and historic commercial corridors. Applications will open 11 am on Thursday, January 21 and continue to be accepted through Thursday, January 28 at 6:59pm. Grants of $5,000 to $10,000 will be awarded on a competitive basis. Applicants must operate in a “brick and mortar” storefront located in an Accredited or Affiliate Main Street America community. In La Grange, businesses in the downtown Main Street district qualify. Click here for small business eligibility requirements, judging criteria, and a preview of the application. PPP Loans Round 2 Now Available: The latest COVID relief bill has provided funds for a second round of PPP loans. In a nutshell, you may be eligible for a forgivable PPP loan in this round whether you took advantage of the first go around or not. If this will be your first time to apply and receive a PPP loan, this will be considered your first draw. If you applied for and received a PPP loan during the spring, summer or fall of 2020, this will be your second draw. All of our local banks are participating and currently taking applications. For all the information on this forgivable loan program, click here. Key Updates Include:
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
EIDL Loans Application Deadline Extended: The SBA has extended the deadline to apply to EIDL loans for COVID to December 31, 2021 with the new COVID bill that passed in December. The grant/advance portion of the program is no longer available as they didn’t allot any additional funds for this part. However, small businesses and non-profits can still apply for the EIDL loan using a streamlined online application. The interest rate is 3.75 % for small businesses and 2.75% for non-profits. Also, payments can be deferred for up to 1 year. Click here for all the details and application. New Program Available for Women-Owned Businesses: SBA has announced Ascent, an interactive digital platform packed with resources women business owners need to set, and achieve, their business goals. Ascent is designed for the “missing middle” — growth-oriented women entrepreneurs who are beyond the start-up phase and already generating revenue yet looking to grow and scale. Most learning resources for business owners focus on either start-ups or mature businesses. Ascent is here to change that! During these challenging times, SBA’s Ascent can also help you elevate your business with research-backed tips and strategies. Within Ascent, you can examine both internal (strengths and weaknesses) and external factors (opportunities and threats) that may have arisen because of COVID-19 to help you set up a comprehensive recovery strategy. And Ascent is a resource you can turn to again and again, as your business grows and your needs change. Click here for more information and to join Ascent today! Top Business Trends for 2021: For small businesses across America, 2020 has been one of the most challenging years in history. Despite the coronavirus pandemic, small business owners have been resilient, pivoting, and adapting their business models to navigate continually changing conditions. With the new year on the horizon, there are potential new opportunities to take advantage of and ways to adapt to challenges you may face. Here are a few business trends that are likely to dominate in 2021, along with tips on how to position your business for growth. Click here to learn more. VISA Business and Economic Insight Reports: VISA’s latest US Economic Outlook – Click here to download the report. Also, VISA says that consumers show optimism about the future, but remain bogged down by the present. Click here to learn more. Free Small Business Tools and Resources through SCORE: NATIONAL RESOURCES CENTER FOR DISEASE CONTROL AND PREVENTION Businesses Community ORGANIZATIONS COMMUNITY EVENTS SMALL BUSINESS ADMINISTRATION GUIDELINES FOR SMALL BUSINESSFEDERAL GOVERNMENT ASSISTANCE
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New Grant Programs for La Grange Businesses
La Grange EDC Introduces Two New Grant Programs
The City of La Grange’s Office of Community Development has introduced two new business grant programs to encourage commercial development in La Grange.
The Second Floor Development Grant Program is funded by the La Grange Economic Development Corporation (EDC) and is designed to encourage the conversion of upper floors of existing commercial structures in the Historic District to residential units. Applicants who qualify may receive a grant with a reimbursement of up to $7,500 per unit developed for up to four units with a maximum reimbursement of $30,000 over the life of the project. To qualify for grant funds, the applicant must match the grant amount by an equal or greater investment of private funds for the conversion.
The Second Floor Development Grant Program supports the implementation of the adopted 2018-2038 Comprehensive Plan for the City of La Grange. The purpose of the program is to enhance the character and vitality of the Historic District by promoting infill and adaptive reuse of properties. Encouraging private investment in the improvement of commercial properties will help to create a mixed use environment which promotes a business, consumer, family, and resident friendly atmosphere, improving quality of life for both residents and visitors.
The GAP Redevelopment Grant Program is also funded by the La Grange EDC and is designed to encourage businesses to fill a gap in products or services available within the City of La Grange. The goal is that the GAP grant recipient will directly benefit the La Grange community by strengthening the local trade area and reduce the need for consumers to find products and services outside of the community. Applicants who qualify may receive a reimbursement grant of between $5,000-$30,000. No business owner may receive more than $30,000 from this program over the life of the project. To qualify for grant funds, the applicant must match the grant amount by an equal or greater investment of private funds.
The GAP Redevelopment Grant Program supports the implementation of the adopted 2018-2038 Comprehensive Plan for the City of La Grange and is designed to incentivize the opening of businesses within the City limits of La Grange. This will help to create opportunities for different types of businesses in the City of La Grange which fill gaps in available products, services, entertainment, and other amenities, thus improving quality of life for both residents and visitors.
For more information about these grant programs, email Kim Newton at knewton@cityoflg.com or call 979-968-3017.
La Grange EDC Sponsors Dual Credit Scholarship Program
La Grange EDC Sponsors Dual Credit Scholarship Program
The La Grange Economic Development Corporation (EDC) is proud to announce that nine students from La Grange High School have received scholarships to support their pursuit of dual credit courses for the upcoming Fall semester at Blinn College. The scholarships are in the amount of $200 each and funded by the La Grange EDC. In working with Blinn College to develop strategies that will enhance youth workforce development discussions included ways to help eliminate financial barriers to pursuing educational opportunities within the community. “These scholarships will help support youth workforce development and level the playing field for the pursuit of higher education,” said Stacey Norris, director of community development for the City of La Grange.
Moving forward, the La Grange EDC has set aside funding to support another round of scholarships for the Spring semester in hopes of reaching students pursuing additional courses as well as technical training opportunities offered by both Blinn College and La Grange ISD. Supporting youth workforce development through partnerships with La Grange ISD and Blinn College, allows for the growth of future opportunities for students to return to their home communities and be successful once they have completed their higher education or technical training elsewhere.
Scholarship recipients are pictured left to right – Jade Ackerman, Abigail Eindorf, Joshua Amick, Melissa Muras, MaKenzie Givan, Molly Bennett, Trey Cunningham, Kalyn Hernandez, David Krupala