With COVID-19 regulations and orders impacting McKinney businesses financially, council determined earlier this spring that a locally funded small-business grant program is needed to support economic development, promote business recovery and ensure the city's economic health.
Applications opened June 8 for round two of the grant program, which will deliver a maximum of $1,000 to home-based businesses in addition to its original $1,500 maximum offering to small businesses with a commercial business address.
During this first round of the grant program, more than 250 applications were received May 1-10, and more than $335,000 of the available $1 million was awarded in grants, city officials said during a May 19 council work session.
Applications for the second round of grants will be open for 10 days starting June 8 and are available online. This program will continue to be funded with the leftovers from the $1 million the McKinney Community Development Corp. set aside for the grant program.
“The McKinney Strong Grant program has always been intended to be one supplemental piece of broad long-term recovery efforts and I’m happy to have it expanded to include more eligible businesses,” Mayor George Fuller said in a statement. “We’ve got more programs in the works with the goal of providing $6 million in business support.”
Home-based businesses with 50 or fewer full-time employees that are located in McKinney and demonstrate financial hardship are eligible for the grant, according to the news release. If awarded, the grant money will be sent to reimburse the business for an eligible expense that occurred from March through June, such as utilities and communications.
Small businesses with a commercial address will still be able to apply for grant funds. Businesses that received a grant less than the maximum amount of $1,500 during the first round of the program are eligible to apply for the grant again to obtain the difference, officials said. Nonprofits will not be accepted in this round of grants, the city release said.
“We’ve listened to our community and have updated the grant program to address more businesses experiencing hardships,” said Jackie Brewer, the chair of the McKinney Community Development Corp. “Expanding the program is an important step to make sure these funds reach those who need it most and keep the lights on.”
