City of Laredo Reports Small Business Grant Program Success Through LiftFund
Written by admin, Jun 17, 2022, 0 Comments
Courtesy David Alegria,
Laredo, Texas — The City of Laredo Economic Development Department has officially reported the Small Business Grant Program’s success through LiftFund.
On January 2021, the Laredo City Council approved and appropriated $2 million from the City’s American Rescue Plan to fund this program, which aimed at strengthening Laredo’s small business community that was negatively impacted by COVID-19. In 2022, the City of Laredo and LiftFund teamed up to launch the Small Business Grant Program with approximately $2 million, granting between $5,000 to $25,000 to micro and small businesses in the community to cover operational expenses such as payroll, working capital, inventory, and more.
This program mainly prioritized businesses owned by women, minority groups, and veterans.
The launch of the Small Business Grant Program marks the City’s second small business support partnership with LiftFund. Key achievements include:
Approximately 180 small businesses were awarded a grant
Funds were granted in the amount of $1,840,000
Applications received came from business owners in all zip codes
Transportation/warehousing, retail, and accommodation/food services were the top industries that submitted applications
“The City of Laredo Economic Development Department acknowledges the commitment and leadership of our City Council towards this program, which contributes to the economic vitality and job retention by directly supporting the operational costs for small businesses,” states Miriam Castillo, Interim Economic Development Director. “We are extremely thankful to our partners at LiftFund for their collaboration and exceptional support in running this program.”
The City of Laredo has engaged in similar programs with the objective of funding small businesses during the COVID-19 pandemic. In fact, the City received $1.7 million in grant funds from the CARES Act Funding, which supported 104 businesses in the community. The City looks forward to continuing working with LiftFund to support local entrepreneurs as the community recovers from the negative economic impacts of COVID-19.
