LiftFund and the City of Laredo have teamed up to launch a nearly $2 million Small Business Grant Program aimed at strengthening the Laredo small business community who have continued to be impacted by COVID-19. The new program will provide grants of $5,000 to $25,000 to qualifying micro and small for-profit business owners operating in Laredo.
“The City of Laredo continues to invest in programs that support small businesses and promote business stabilization. Small businesses play a large role in job creation, fostering our local economies, and their hard work supports neighborhoods and communities,” said Mayor Pete Saenz. “This grant program is designed to support micro and small businesses with continued operation and ability to serve their clients.”
The City of Laredo is funding the program with $1.84 million and LiftFund will administer the program. This is a COVID-19 relief program, therefore applicants must demonstrate the negative impact and grant funds must be used for business-related expenses, such as payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs. The grant does not have to be repaid.
“We are seeing small businesses transform and evolve with continuing funding needs to stabilize and lay the foundation for a stronger, more nimble future,” said LiftFund CEO and President Janie Barrera. “The City of Laredo has been diligent in their support for the Laredo small business community and we, at LiftFund, are proud to further our ongoing partnership with the development of this new grant program.”
The City of Laredo Small Business Grant program will accept applications online beginning at 9:00 A.M. on Monday, March 14 through 5:00 P.M. on Friday, April 1. Applicants may schedule a virtual or phone appointment with LiftFund staff to request help in submitting their application. A bilingual information session will be hosted on Wednesday, March 16 at 3:00 P.M. Business owners will learn more about the program and have an opportunity to ask questions. Businesses can register here.
Applicants will be able to create a profile and save their progress during the application period. To be considered for a grant, completed applications must be submitted along with all required documentation for verification before 4:59:59 P.M. on April 1.
Applications will be reviewed based on stated and verified business information and operations. The following limitations apply:
- Applicants are eligible to receive only one grant award
- Only one grant may be awarded per business with more than one location
- Limited to one grant per physical address within the City of Laredo
The City of Laredo Small Business Grant Program will give priority to women, minority, and veteran-owned businesses. Also, the program prioritizes business owners who have not received previous federal COVID-19 funding through PPP or EIDL.
The application review period will begin on April 4 and continue through May 20. All grants will be awarded by May 31. In addition to the grant funds, recipients will be given access to ongoing business education webinars to further support their efforts to stabilize and strengthen their businesses. For a list of eligible businesses, eligibility requirements, info. session information or to apply, please visit www.cityoflaredosmallbusinessgrants.com.
LiftFund is a nonprofit small business lender that transforms lives by opening doors and leveling the financial playing field in entrepreneurship. Established in 1994, LiftFund provides responsible capital and business education to small business owners and aspiring entrepreneurs. LiftFund has supported Laredo small business owners with over $17 million in small business loans. Since its inception, LiftFund has made over 25,000 loans totaling more than $415 million across its 15-state footprint, which includes: Alabama, Arkansas, California, Florida, Georgia, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, New York, and Texas.
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