Cedar Park City Council approved the Small Business Assistance Program resolution between the city and the Cedar Park Chamber of Commerce at its April 9 meeting.
Aid is available as grants up to $5,000 or as zero-interest loans up to $10,000, and loans are to be paid back in 24 months. The $200,000 program is funded by the Economic Development Corp. (Type 4A Board).
Application information is on the chamber website. To be eligible, small businesses must demonstrate a need for funds and meet the following requirements, according to the agreement:
- be located within the corporate limits of Cedar Park and must be in current compliance with the city of Cedar Park Code of Ordinances, including all applicable zoning and land use ordinances;
- not a home-based business;
- not a sole proprietor;
- has been in business for at least 12 months;
- employs fewer than 25 full-time or full-time-equivalent employees;
- has endured a 25% or greater reduction in sales due to the COVID-19 pandemic;
- has applied for a Small Business Administration loan or other type of loan from a certified financial institution; and
- is not a nonprofit.
An assistance program review committee will include the Cedar Park chamber president, Cedar Park economic development director and Type A Corp. president.
“Our community was built on the backs of small businesses and they are hurting,” said Ben White, the city economic development director.
The program prohibits awarding money to council members, chamber board members, chamber staff, Type A board members, program committee members or any of family members of those groups. White said the program is a one-time loan or grant per business.
Chamber President Tony Moline said the program stands to help as many businesses as possible.
“We wish we didn’t need this program, like Ben [White] said," Moline said. "But we do believe that this partnership will help our businesses and business community - and help them quickly."
