Out of 72 applications, 63 small businesses were awarded grants.
White said the committee who oversaw applications decided to issue only grants instead of both grants up to $5,000 and loans up to $10,000. This was to maximize funding to more small businesses, he said.
“There has been an overwhelming sense of gratitude, even from the companies who requested $10,000 and only received $1,000,” White said.
Grants were issued April 20 and ranged from $1,000-$5,000. A majority of those who applied for grants received over $3,000, White said.
The $200,000 is funded by the Cedar Park Economic Development Corp. (Type 4A Board). The program was approved April 9 by City Council.
Tony Moline, the Cedar Park Chamber of Commerce president, said businesses not receiving grants were disqualified either for relations to the chamber board and city commissions or for having over 25 employees.
“We were able to help dozens of businesses,” Moline said, "and I can tell you—from the overwhelming response from those who have received it, it has truly helped them.”
City Council approved amending the Type A Fund budget to include the $200,000 program during its April 23 meeting. White said the amendment will not affect the general fund.
The city has not yet released a list of approved businesses or specific amounts received as of April 24.
Approved small businesses needed to demonstrate a need for funds and meet the following requirements, according to the city.
- Be located within the corporate limits of Cedar Park
- Be in current compliance with the city of Cedar Park Code of Ordinances, including all applicable zoning and land use ordinances
- Not be a home-based business
- Not be a sole proprietor
- Have been in business for at least 12 months
- Employ fewer than 25 full-time or full-time-equivalent employees
- Endure a 25% or greater reduction in sales due to the COVID-19 pandemic
- Apply for a U.S. Small Business Administration loan or other type of loan from a certified financial institution
- Not be a nonprofit
