• Cedar Park Chamber & Cedar Park City Council Approve $200,000 Small Business Assistance Program

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    April 10, 2020

    City Council approves $200,000 program to assist small businesses
    in response to COVID-19 pandemic 

    No interest loans up to $10,000 and grants up to $5,000
    Program administered by the Cedar Park Chamber of Commerce 
     
    The Cedar Park City Council adopted a Resolution authorizing a program to provide small businesses located within the City of Cedar Park City limits financial assistance in response to the COVID-19 pandemic (“Program”).  Council added an amendment prohibiting the award of Program Funds to any Councilmembers, Type A Board members, Chamber Board members, Chamber staff and Program Committee members, and any of their family members, as defined by Texas Local Government Code Chapter 176.  The Resolution authorizes an agreement in a total amount of $200,000.  It is funded by Economic Development (Type 4A) sales tax funds.  The Cedar Park Chamber of Commerce will administer the Program, providing up to $10,000 in financial assistance for each qualifying Cedar Park small business. The Program will provide a total amount up to $200,000 for those eligible Cedar Park businesses.
     
    Mayor Corbin Van Arsdale said, “Our small businesses here in Cedar Park have been doing a tremendous job during this tough time.  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.  
     
     
    Contact:
    Cedar Park Chamber
    (512) 260-7800