New $5 million McKinney grant up for approval at special City Council meeting

McKinney City Council will have a specially called meeting June 23 with a new $5 million grant program as one of the items to be considered.

The Tri-City Collin County Small Business Grant Program is a collaboration between Frisco, Allen and McKinney to support small businesses negatively impacted by the COVID-19 pandemic, according to a June 18 McKinney news release. Funding for the grant program is provided by Collin County as part of the CARES Act.

“We’ve been adamant about exhausting all sources to get more grant funding into the hands of our small businesses,” Mayor George Fuller said in the news release. “The $1 million dollar McKinney Strong grant program was the first step to keep lights on and we hope the Tri-City grant will sustain our county’s economy through this time and set in motion lasting recovery.”

To be eligible for the grant, applicants must have less than 100 employees, less than $15 million in annual revenue and operate in the incorporated city limits of McKinney, per the news release. If approved, businesses could be awarded up to $25,000.

The grant will be awarded based on such factors as need, eligibility and number of employees; loss due to a full and partial shutdown; or being closed during the pandemic. Eligible expenses include rent, utilities, contract labor and payroll, according to the city news release.

Nonprofits and home-based businesses are not eligible for this grant, per the news release.

“As a county, we’re committed to ensuring our business community has the support and vital resources it needs to continue to operate and grow,” McKinney Economic Development Corp. President Peter Tokar said in the news release. “The collaboration of our neighboring cities to craft this grant program was a testament to our urgency to uphold that commitment.”

Before moving forward with the grant program, City Council has to approve it at a June 23 meeting. Should it receive council approval, applications will be accepted June 24-July 8. More information regarding eligibility and application is available at this website.