SMALL BUSINESS

To be eligible for this program, businesses must:

• Have annual gross sales between $10,000 and $2 million; gross revenues are based on Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065.
• Be located within the City of Laredo. You can check your address using this map.
• Have experienced negative impact on operations due to the pandemic; “Negative impact” is defined as a decrease in gross sales between 2019 and 2020 (Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065) or an increase in expenses between 2019 and 2020 (Line 28 of Schedule C or Line 27 of 1120 or Line 20 of 1120S or Line 21 of 1065). Other methods may be used if additional documentation is requested by LiftFund.
• Have been in operation before April 1, 2020; “Operational” is defined as a positive amount of gross receipts or sales on the 2019 tax return (Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065) or a bank statement prior to April 2020 showing business activity generated sales deposits. “Currently operational” is defined as the presence of business activity generated sales deposits on the most recent bank statement.
• Currently have 20 or fewer full-time equivalent employees (including part-time and full-time employees, contractors and owners).
• Be in good standing with Texas Comptroller’s office.

Non-profit organizations, gambling businesses, speculative real estate investors, government entities and sexually oriented businesses are not eligible. You can view the list of prohibited NAICS codes here.

Personal Identification

• Current Driver’s license or government-issued photo ID

Business Information 

• Proof of business registration with Webb County or TX Secretary of State
• Q4 2021 Form 941, Q4 2021 payroll report or Q4 2021 check copies to verify number of employees 
• Business utility bill (water, gas, electric) Home based businesses may provide a home utility bill. 
• Business Financials: 2019 and 2020 business tax return (additional financial documents, such as bank statements or P&L may be requested if losses cannot be verified by the tax returns). Applicants without a tax return for either year will not be considered. 
• Most recent business bank statement (personal bank statements will be accepted if business activity is clearly identifiable)

Other

• DD 214 proof of military discharge (veterans only)

Grant funds will not be awarded on a first-come, first-served basis. Applications will be assessed and scored based on the four components below. The maximum score is 110.  Applications with the highest scores within each city zip code (78040, 78041, 78043, 78045, 78046) will be reviewed and approved first. 

Ownership

• The program has a priority for woman, minority and veteran-owned businesses

Previous Access to Financial Support

• The program has a priority for business owners who have not received previous federal COVID-19 funding through PPP or EIDL.

Employee Count

• The program has a priority for businesses with fewer full time equivalent employees.

Industry

• To learn more about industry prioritization, click here.

The City of Laredo Small Business Grant program will accept applications online beginning Monday, March 14, 2022 at 9:00 AM CST and through Tuesday, April 1, 2022 at 5:00 PM CST.  

Applicants will have the ability to create a profile and save their progress during the application period. To be considered for funding, applications must be completed and submitted along with all the documentation required for verification before 4:59:59 PM CST on Tuesday, April 1, 2022. 

Applicants may schedule a virtual or phone appointment with LiftFund staff for assistance submitting the application. Applicants will receive an email confirmation when they submit an application.

The application review period will start on April 4, 2022 and continue through May 20, 2022. All grants will be awarded by May 31, 2022. 

Applicants will be informed of their grant status via email and/or U.S. Mail every 30 days. Selected recipients will be notified of approval and accept the grant via Docusign email. Applicants should monitor their inbox and spam folder carefully for messages from LiftFund staff.  

Grant funds will be deposited into recipients’ accounts by ACH within 10 business days of signing Docusign award agreement. Incorrect bank information in the Docusign will delay deposit of funds. 

All businesses awarded a grant through the City of Laredo Small Business Grant program will be required to complete follow-up surveys in the months of December 2022 and November 2023. Grant recipients must keep detailed receipts for expenditure of grant funds and staff and payroll records.

 In addition to the grant funds, grant recipients will have access to ongoing business education webinars to further support their efforts to stabilize and strengthen their businesses.