Applications opened Monday for a small business grant program being administered by the city.
Using funds from a federal coronavirus relief package, the NacCARES grant program is available for small businesses or nonprofits within the city limits that have been in business since Jan. 1 and have had at least a 20% negative impact from the pandemic.
Eligible for up to $1.85 million in federal funds administered through the state, the City of Nacogdoches already has received 20% of that, or $370,000, with the majority earmarked for virus response such as overtime and protective gear. The rest, about $92,000, was designated to help local businesses struggling due to the pandemic.
Developed through a partnership with the Nacogdoches Economic Development Corp., the program will accept applications until 5 p.m. Sept. 25. Applications will be individually reviewed on a first come, first served basis. Grants are based on annual gross revenue for 2019 and will range from $2,500 to $10,000.
“They do have to show they were subject to an executive order or show a negative financial impact of at least 20%,” NEDCO Executive Director Larissa Philpot says. “This is intended to be used to reimburse the cost of business interruptions — you bought supplies to make your employees safe when they came back or you had to change your business model.”
Business owners who aren’t funded or miss the deadline will have another shot. City leaders expect to receive another $218,000 in funding for economic stimulus before the end of the year.
“We will hopefully be out with a second round of funding in October,” Philpot said.
For information, contact NEDCO at 559-1255 between 8 a.m. and 5 p.m. Monday through Friday. To apply online, visit nactx.us/cares-grant.