The city will administer the program for Frisco small businesses based in Collin County, while Denton County will oversee the program for Frisco businesses based in that county.
“These small business grants from Frisco [and] Collin and Denton counties are a way to help sustain our economy,” Frisco Mayor Jeff Cheney said in a news release. “Many of our businesses have expressed the need for assistance, and we hope by getting the funds to these companies quickly, our city’s economy will remain strong.”
The Frisco/Collin County Small Business Grants Program will launch June 24 for businesses with fewer than 100 employees and less than $15 million in annual revenue per location. The $3.1 million in funding for the program comes from federal funds provided to Collin County through the Coronavirus Aid, Relief, and Economic Security Act.
Frisco is using the National Development Council as a third-party administrator to manage the application process and disbursement of funds to grant recipients approved by the city.
Applications for the Frisco/Collin County program will be accepted between noon June 24 and noon June 30.
Eligible businesses can receive up to $50,000, based on financial hardship and the amount of time they were closed. Expenses that can be considered as part of the application process include rent, payroll, contract labor and utilities.
The National Development Council will notify grant recipients in early July, and funds are expected to be dispersed around the middle of that month.
A complete list of program details, eligibility requirements and criteria is available here. Applicants can get assistance with questions by emailing [email protected] or leaving a message at 833-696-0804.
Director of Financial Services Anita Cothran told Frisco City Council during its June 16 meeting that Denton County planned to administer its small business grants with the federal funding earmarked for Frisco from the Coronavirus Aid, Relief, and Economic Security Act.
Frisco businesses located in Denton County can apply for Phase II of the Denton County OPEN program from June 22 to July 6. The first phase of the program was open from May 13-20. Additional information on Denton County OPEN can be obtained here or by calling 940-349-4280.
City staff said Denton County will manage the program’s application process and dispersal of funds, as it did for the first phase of the program.
The different approaches by Collin and Denton counties are consistent with the distribution of funding from the Coronavirus Aid, Relief, and Economic Security Act for emergency housing and living assistance grants.
Collin County distributed $6.7 million in federal funding to Frisco for housing and living assistance grants. The city agreed to administer the funds to agencies that provided outreach to individuals during the coronavirus pandemic in Frisco’s ZIP codes, as well as those in Prosper and Celina.
Denton County directed its federal funding for emergency housing and living assistance grants through the county United Way. Cothran told council June 2 that agency then directed funding to North Texas Cares for dispersal to agencies that served residents in Denton County.