The Cedar Park City Council adopted a resolution on Thursday night authorizing a small business relief program, providing financial assistance within the city limits in response to the COVID-19 pandemic. The resolution authorizes an agreement in a total amount of $200,000. The Cedar Park Chamber of Commerce will administer the program, providing up to $10,000 in financial assistance for each qualifying small business.
Councilmembers, Type A Board members, Chamber Board members, Chamber staff, and Program Committee members, and any of their family members, are prohibited from receiving the assistance.
“Our small businesses here in Cedar Park have been doing a tremendous job during this tough time,” said Mayor Corbin Van Arsdale. “Small business and the entrepreneurial spirit are the lifeblood of Cedar Park. They represent the very best of who we are as a community. During these past few weeks, we’ve seen many of these business owners rise to the occasion – not only helping one another stay afloat, but providing essential services to our community. We couldn’t get through this without them. We are excited to be able to help these small businesses, for all that they have done for our community.”
Under the Program, a qualifying business could receive a grant of up to $5,000, or a loan of up to $10,000 that can be repaid over a 24-month period at a zero percent interest rate. Prior to receiving assistance, each Cedar Park business applicant must first demonstrate that it is in need of such funds and meet the below minimum qualifications:
- Must be located within the corporate limits of Cedar Park
- Must not be a home-based business or sole proprietor, and cannot be a non-profit organization
- Must have been in business for at least 12 months
- Must employ fewer than 25 full-time or full-time equivalent employees
- Has endured a 25 percent or greater reduction in sales after COVID-19 pandemic
- Has applied for a Small Business Administration (“SBA”) loan or other type of loan from a certified financial institution
Tony Moline, President and CEO of the Cedar Park Chamber of Commerce, said, “We are proud to join forces with the City to offer this Small Business Assistance Program, in an effort to help our small businesses weather this unprecedented challenge ad provide a resource to help them return to their normal operations.”
Find the application and more details at https://www.cedarparkchamber.org/small-business-assistance-program.
