The second version would allow more businesses to be involved and to vie for 10 separate small business loans of up to $10,000 per project and per applicant.
Eligible applicants will include existing businesses in Buda and its extraterritorial jurisdiction. While parameters are still being discussed, the program may include a forgivable loan for businesses that create a full-time position in the next three months and stay in business in Buda for at least six months after the loan. Other requirements may include businesses having 50 or fewer employees and registration with the Texas Secretary of State's Office.
Traci Anderson, executive director of the Buda Economic Development Corp., told City Council the details will be discussed and released soon. The two groups previously partnered financially for the first version.
The original Still Budaful partnership between the city and EDC produced grants of various sizes totaling $380,000. That program required small businesses to be in the city and to contribute sales tax to the city.
Once the new program is in place, applications will be open for two weeks, followed by a week of committee review before awarding the funds.