CITY OF LAREDO

SMALL BUSINESS

GRANT PROGRAM

The City of Laredo Small Business Grant Program will provide financial support in the form of grants to micro and small business owners impacted by the pandemic to strengthen the Laredo small business community. The program, funded by the City of Laredo and administered by LiftFund, has dedicated $450,000 Million in funding to support for-profit small businesses with grants up to $5,000.

ACCEPTING APPLICATIONS
Monday, March 18 at 9:00 AM through Friday, April 5 at 5:00 PM Central Standard Time
Below you will find more details about this program, including eligibility, documents required, scoring methodology and timeline.

Grant Awards

The funds must be used for business-related expenses, including payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs.

The following limitations apply:

  • Applicants are eligible to receive only one grant award
  • Only one grant may be awarded per business with more than one location
  • Limited to one grant per physical address within the City of Laredo

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 in either 2020 or 2021 compared to 2019 (Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065).
  • Have been in operation before January 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).
  • Be currently operational – demonstrate business activity generated sales deposits on the most recent bank statement.
  • Be in good standing with Texas Comptroller’s office, if applicable.

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.

  • Current Driver’s license or government-issued photo ID
  • Proof of business registration with Webb County or TX Secretary of State
  • Q4 2023 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, 2020 and 2021 filed 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 the 3 years will not be considered. 
  • Most recent business bank statement (personal bank statements will be accepted if business activity is clearly identifiable)
  • Proof of military discharge (veterans only)
  • Grant resolution (LLCs, Corporations, Partnerships only)- template will be provided in application

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 80.  Applications with the highest scores within each city zip code (78040, 78041, 78043, 78045, 78046) will be reviewed and approved first. 

Prior receipt of PPP or EIDL fundsPoints
$030
$1-$10,00020
$10,001 to $25,00010
$25,001+0
Prior City of Laredo – LiftFund partnered grant fundingPoints
Did NOT receive grant funding in the 2020 and/or 2022 grant programs funded by City of Laredo and administered by LiftFund10
Received grant funding during the 2020 and/or 2022 grant programs funded by the City of Laredo and administered by LiftFund0
IndustryPoints
NAICS code begins with 42, 44, 45, 62, 71, 722, or 8120
NAICS code begins with 54, 56 or 6110
All other NAICS codes0
Employee CountPoints
2-10 FTE20
11-30 FTE10
No employees- owner only0

Application Period: March 18, 2024 at 9 am – April 5, 2024 at 5 pm. 

Applicants will be able to save their progress during the application period. Applications must be completed and submitted along with all the documentation required for verification before 4:59:59 PM CST on Friday April 5, 2024. 

Applicants will receive a confirmation email when they submit the application. 

Application review: April 10 – June 7, 2024 

The grants team will reach out to applicants by phone or email if additional documents or clarification is needed. If additional documents are requested, applicants will have 5 business days to submit. 

Award notifications: April 17- June 14, 2024 

Eligible applicants with the highest scores based on the methodology above will be notified earlier within the award notification time frame, followed by lower scoring applicants. All applicants, even if ineligible or not selected for funding, will be notified by mid June. 

Selected recipients will be notified of approval and prompted to accept the grant via an emailed DocuSign form. Prior to funding, applicants will also be required to complete a verification interview and provided a bank statement and voided check.

Grant disbursements: April 23– June 21, 2024 

Eligible applicants with the highest scores based on the methodology above will be funded earlier within the grant disbursement time frame, followed by lower scoring applicants.

All businesses awarded a grant through the City of Laredo Small Business Grant program will be required to complete a follow-up survey in June 2025. 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.

INFO SESSION WEBINAR

March 18, 2-3 pm.

INFO SESSION WEBINAR

March 29, 10-11 am.

Frequently Asked Questions

Yes, as long as your business is registered with a DBA.

No, you may only submit one application for one business. 

You are welcome to get assistance in completing the application from a third party, however, the business owner should submit their own application and the contact info listed should be for the owner.

This grant application is free to submit and the LiftFund grant team is available to answer questions. Do not pay a third party for application assistance. Third parties are not vetted by LiftFund or the City of Laredo for this program.

If you reported income from your current business on your schedule C in 2019 and 2020, you may file a DBA at this time and be considered. The business must be registered to be considered. 

You will be asked to submit a current business utility bill as part of the application. 

You can submit a copy of your business lease agreement.

Yes, please contact our grant team at 800-923-9551 or sbgrants@liftfund.com for assistance.

QUESTIONS?

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