Economic Assistance Grant for small businesses

Economic Assistance Grant for small businesses
Posted on 12/23/2020
The City of College Station has received an additional $400,000 in federal Community Development Block Grant funds that the city council has allocated for the Economic Assistance Grant Program. The program is designed to help small businesses impacted by COVID-19 and to prevent job losses.

Grants of up to $50,000 will be made available to micro-enterprises or small businesses and involve no fees but must be used to retain at least one full-time equivalent, permanent job for each $35,000 in funds.

1-5 employees = $10,000 maximum grant
6-10 employees = $20,000 maximum grant
11-20 = $40,000 maximum grant
20+ = $50,000 maximum grant

Applications are open during two rounds - today through Jan. 6 and Jan. 11-Feb. 3. Businesses may receive no more than one grant per calendar year. Grants are available based on the business's number of full-time employees.

A profit/loss statement for the previous year and a tax return demonstrating profitability. Qualifying businesses must provide the following documentation:
  • Three-month average payroll.
  • Business situation narrative that addresses how the funds would impact operations.
  • The year the business was established.
  • Evidence that business revenues were affected by disaster declarations.
  • After the funds are received, provide affidavits of income for LMI employees.
An additional round may be offered if all the funds aren’t used.

To apply, register as a new vendor at Brazos Valley e-Marketplace by clicking “Supplier Registration.” Select the commodity code of Miscellaneous/ Miscellaneous, then download the RFA. Vendors with more than one business will need to set-up separate accounts for each business using a different phone number or tax ID number. If you need help, call 866.277.2645 (Ext. 4).
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