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Denison, TX April 14, 2020 --
Denison small businesses dealing with the adverse impacts from COVID-19 pandemic will now have an additional local source for assistance. Denison Development Foundation (DDF) has dedicated $250,000 to create the COVID-19 Small Business Emergency Loan Program and will provide $2,500 interest-free loans for qualified businesses. The purpose of this program is to quickly provide working capital for personnel costs, rent, utilities, etc. for existing, small business enterprises within the City of Denison. Business owners may use the loan proceeds as they choose and loan repayment will not be due until December 31, 2021.
“The DDF board of directors has been diligently following the economic impact caused by COVID-19, which for many businesses has been devastating.” stated DDF Chairman Aaron Schmitz. “We waited until the Federal programs were unveiled and then crafted our program to provide additional support. We’re going to do everything we can to restart our local economy through supporting our local small businesses.”
In an effort to direct this local loan assistance to those most in need, qualifying businesses must: be experiencing (or projecting) a 25% reduction in gross receipts, have less than 25 full time employees and be in a commercial settings.
“During these unprecedented times, we have small businesses in our community that were thriving a month ago and now because of the COVID-19 pandemic, are struggling for financial survival. It is incumbent upon us, as a community, to find ways to help them “bridge” this very difficult time until we can reopen our economy. The COVID-19 Small Business Emergency Loan Program announced today by the Denison Development Foundation could not come at a better time for businesses that are so important to our community, and I strongly urge each of our small businesses to apply. In addition, the EIDL and PPP loan/grant programs made possible by the CARES ACT and administered through the Small Business Administration are also offering much needed financial assistance and businesses should quickly apply while funding is still available,” said Denison Mayor Janet Gott.
The program is intended to complement the Small Business Administration’s Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP). It is very important for each business to apply for those federal programs to maximize business assistance and to reduce adverse economic impact on our community. Therefore, DDF COVID-19 Small Business Emergency Loan priority will be given to applicants who can prove they have already applied for the SBA EIDL or SBA PPP.
Applications are available online at www.DenisonTx.org/apply Submissions by email (send to firstname.lastname@example.org) are preferred and will speed up the review process; however, hard copies can be delivered to the DDF office at 311 W. Woodard. The lobby is closed but there is a mail slot at the front door that can be utilized 24/7.
Applications will be taken until June 30th, 2020 and qualified applicants will be funded on a first-come, first-served basis.
Denison Development Foundation (DDF) is a private, non-profit organization founded in 1959 to facilitate economic development in Denison.
Denison Development Foundation