The City of Laredo Small Business Grant Program will provide financial support in the form of grants to micro and small business owners impacted by the pandemic to strengthen the Laredo small business community.
Donor Name: City of Laredo
State: Texas
City: Laredo
Type of Grant: Grant
Deadline (mm/dd/yyyy): 04/01/2022
Size of the Grant: $5,000 to $25,000
Details:
The program, funded by the City of Laredo and administered by LiftFund, has dedicated $1.84 Million in funding to support for-profit small businesses with grants up to $25,000.
The funds must be used for business-related expenses, including payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs.
Funding Information
The grants will range from $5,000 to $25,000 to eligible micro and small for-profit businesses.
Eligibility Criteria
To be eligible for this program, businesses must:
- Have annual gross sales between $10,000 and $2 million; gross revenues are based on Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065.
- Be located within the City of Laredo.
- Have experienced negative impact on operations due to the pandemic; “Negative impact” is defined as a decrease in gross sales between 2019 and 2020 (Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065) or an increase in expenses between 2019 and 2020 (Line 28 of Schedule C or Line 27 of 1120 or Line 20 of 1120S or Line 21 of 1065). Other methods may be used if additional documentation is requested by LiftFund.
- Have been in operation before April 1, 2020; “Operational” is defined as a positive amount of gross receipts or sales on the 2019 tax return (Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065) or a bank statement prior to April 2020 showing business activity generated sales deposits. “Currently operational” is defined as the presence of business activity generated sales deposits on the most recent bank statement.
- Currently have 20 or fewer full-time equivalent employees (including part-time and full-time employees, contractors and owners).
- Be in good standing with Texas Comptroller’s office.
For more information, visit Small Business Grant Program.
