Small Business Continuity Fund
The Small Business Continuity Fund program, a partnership between the Office of Economic Development, Dallas Development Fund (DDF), and National Development Council (NDC), 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. Businesses could apply for either a $10,000 maximum grant or a $50,000 maximum loan, and must demonstrate at least a 25% reduction in sales/revenue as a result of the COVID-19 virus. Dallas City Council allocated $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) to support this program. Half of the funding is available city-wide for small business loans and half is available as grants. The grant funding is divided into two categories, one city-wide, and the other targeted to businesses in high poverty or low median income census tracts as designated on the map below.
Applications were accepted from May 4th to May 11th, 2020. A lottery was then held to select businesses for consideration of funding. Businesses who submitted a complete application were eligible for selection in the lottery. On May 22nd, using numbers generated from Random.org, each City of Dallas business was put in an ordered list. For the grant program, 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. For the loan program, 50 businesses were notified that they were eligible to move on to the next funding stage and an additional 40 were notified that they would be considered if funding remained available. Selected businesses are required to provide complete documentation to a third-party provider prior to the execution of a grant or loan.
Details on SBCF applications and awards can be found here.
If you were notified that your business was selected for funding, you will submit the required documents directly to NDC, the third-party administrator, via a secure online portal. Information on how to access the portal was sent out on June 15. You will need to provide NDC business verification as identified in this document. Additionally, there are two certifications that are required for federal CDBG requirements. The income self-certification form is a fillable pdf that you can either sign electronically or print and sign and then scan for submission. The job creation or retention form can be printed, filled out and then scanned for submission. If you have questions about any of the required documents, or need assistance, please reach out to SBCF@dallascityhall.com.