Richardson plans to offer $1 million in forgivable loans to its Collin County business owners

Small-business owners may be eligible for new forgivable loans from Richardson. (Courtesy Pexels)
Small-business owners may be eligible for new forgivable loans from Richardson. (Courtesy Pexels)

Small-business owners may be eligible for new forgivable loans from Richardson. (Courtesy Pexels)

Richardson is preparing to launch an assistance program for small businesses in the Collin County portion of the city.

Forgivable loans of up to $50,000 will be available to companies with no more than 100 employees, Deputy City Manager Don Magner told City Council at a July 20 meeting. The principal of the loan will be forgiven if business owners can prove they remained open for four months with at least 90% of their March 1 employee count and payroll.

Staff is proposing the city pay for the initiative by setting aside $1 million in federal Coronavirus Aid Relief, and Economic Security Act money it received through Collin County, Magner said.

Business owners in the Dallas County portion of the city can apply for similar loans through the county’s business assistance program. Richardson plans to mirror the guidelines used by Dallas County for its own initiative, Magner said.

A prequalification period begins Aug. 1. Disbursements, which will be made via a lottery system, should be complete by the end of September. A third-party organization known as the National Development Council will oversee the screening and selection process, Magner said.


More information will be available on the city’s website and social media channels once details are finalized, Magner said.
By Olivia Lueckemeyer
Olivia Lueckemeyer graduated in 2013 from Loyola University New Orleans with a degree in journalism. She joined Community Impact Newspaper in October 2016 as reporter for the Southwest Austin edition before her promotion to editor in March 2017. In July 2018 she returned home to the Dallas area and became editor of the Richardson edition.


MOST RECENT

Richardson Bike Mart has about 11,000 bicycles on back order. (File photo/Community Impact Newspaper)
Richardson shop has 11,000 bicycles on back order and more DFW news

Read the latest Dallas-Fort Worth business and community news.

Thirteen drive-thru grocery stores operated by the Salvation Army of North Texas are offering backpacks filled with supplies. (Courtesy Salvation Army)
Salvation Army expands North Texas grocery service locations to include school supplies, protective equipment

Backpacks filled with school supplies, personal protective equipment, financial assistance resources and U.S. Census forms will be available at the 13 existing locations.

Cottonwood Creek Trail features platforms for viewing wildlife and fishing in Cottonwood Creek. (Courtesy Visit Frisco)
Trails system in Frisco expands and more DFW-area news

Read the latest business and community news from the DFW area.

Anika Cooper founded Simply Grace House in 2013 after her own experience in recovery. Proceeds from Simply Thrifty benefit the nonprofit's seven sober living homes. (Olivia Lueckemeyer/Community Impact Newspaper)
First Look: Richardson boutique Simply Thrifty helps women in recovery rebuild their lives

Merchandise in the store includes lightly used secondhand clothing, furniture and household items.

Richardson Bike Mart has about 11,000 bicycles on back-order. (File photo/Community Impact Newspaper)
Bicycle shortage expected to last months, says Richardson Bike Mart owner

In more than 30 years in business, Richardson Bike Mart owner and President Woody Smith said he has never seen a bicycle shortage like the one that has occurred since the beginning of the coronavirus pandemic.

Rapid nasal swab antigen tests are recommended as options for individuals who were potentially exposed to a confirmed positive carrier, as well as for people traveling, returning to work or undergoing a medical procedure. (Courtesy Total Primary Care)
Find out where to get a 15-minute COVID-19 test in Austin, Dallas-Fort Worth metros

Rapid nasal swab antigen tests are recommended as options for individuals who were potentially exposed to a confirmed positive carrier, as well as for people traveling, returning to work or undergoing a medical procedure.

The owner of the Richardson franchise is Darrin Lawrence. (Courtesy Fastsigns)
Fastsigns now open in Richardson

The business creates custom signs and graphics printed on a variety of products.

A mother and daughter visit at Seasons Assisted Living & Memory Care in Conroe earlier in the pandemic. (Courtesy Seasons Assisted Living & Memory Care)
Texas allows limited visitations to nursing homes, long-term care facilities

Facilities that meet the requirements will allow limited visitations, but you still will not be able to hug or kiss your loved one.

SweetStop bakery holds grand opening in Richardson and more DFW-area news

Read the latest business and community news from the Dallas-Fort Worth area.

Improvements to Main Street from east of US 75 to Abrams Road are ongoing in Richardson. (Courtesy city of Richardson)
Richardson officials: Main Street improvements now 50% complete

City officials said they expect the project to be mostly finished by March.

New Richardson bakery SweetStop holds grand opening

The business sells custom cakes, pastries and fresh-baked bread and offers catering.