September 20, 2020
Supporting small businesses in a big way
CFT has partnered with The Dallas Entrepreneur Center (The DEC Network) and LiftFund to launch the Revive Dallas Small Business Relief Fund, a $5 million relief loan fund offering loans to support primarily minority- and women-owned small businesses and entrepreneurs during the COVID-19 crisis. To date, almost $3 million has been committed to the fund. Fifty-three businesses have received loans so far, with 70% of businesses minority-owned and 58% women-owned.
These loans, which are forgivable if certain milestones are met, are a means of filling the gap for small businesses and entrepreneurs who either have not been able to get relief through the Small Business Administration’s Disaster Relief Fund or Paycheck Protection Program, or who did receive funds but not enough to sustain the business.
Dallas Mayor Eric Johnson supports the loan program, which requires applicants to have businesses based in the City of Dallas. Mayor Johnson also supported the creation of a $5 million Small Business Continuity Fund, run by the City of Dallas. The Revive Dallas Fund is also supported by the Dallas Regional Chamber, Dallas Citizens Council, North Dallas Chamber of Commerce, Dallas Black Chamber of Commerce, and Greater Dallas Hispanic Chamber of Commerce.
Small businesses and entrepreneurs who meet the fund’s criteria can apply for loans of up to $25,000. The DEC Network anticipates the loans will help more than 250 applicants. The formal application process opened in June, and qualified applicants go through a lottery process to determine who will receive funds.
Key criteria necessary to obtain Revive Dallas funding include (but are not limited to):
- Business must be in operation since August 2019
- Annual gross revenues must not exceed $1.5M
- Businesses can have no more than 15 employees
- Businesses must be able to demonstrate a loss of at least 15% of revenue since March 1 due to the COVID-19 crisis
“CFT for Business has truly enjoyed collaborating with these inspiring individuals and organizations that understand the needs of small businesses, especially those owned by people of color and women,” said Sejal Desai, business engagement director, CFT for Business.
Keith Palmer, President, Imperium Surgical Partners, a Revive Dallas Small Business Relief Fund recipient wrote:
To learn more about the Revive Dallas Small Business Relief Fund and to donate, click the button below.
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