ODESSA, Texas — Applications for the City of Odessa Business Assistance Program are now available for small businesses.
The purpose of the program is for small and micro-businesses to receive relief funding that they haven't been able to receive from broader federal programs such as the paycheck protection program.
With COVID-19 affecting every part of our daily lives, small businesses are starting to feel some pressure.
"The unfortunate thing about COVID is that it’s impacted every aspect of our lives, and certainly for a small business owner it really has impacted their ability to earn a living. Moreover, it’s really devastated a number of small businesses," Michael Marrero, the Odessa City Manager said.
In order to help these businesses, Odessa is using CARES Act funding.
The city has $500,000 set aside for the program, and businesses can receive grants ranging from $2,500 to $10,000.
There are certain criteria that businesses have to meet. This includes the businesses being located within the city limits of Odessa as well as generating less than $750,000 in annual gross revenue.
"You must have been in business at least one year prior to March 18. You must’ve been impacted by COVID-19 beginning on March 18 of this year; that you aren’t currently in bankruptcy, that all of your city property taxes are paid and the sales taxes are paid to both the city and the state," Marrero said.
Marrero does expect that these grants will go quickly and he encourages small businesses to get their applications in promptly.
"This program is on a first come first serve basis. We do anticipate that the money will go relatively quickly, so I would urge those individuals to submit their information promptly on Monday at 9 A.M. If we say an average loan is about $5000 we may be only able to assist anywhere from 100 to about 130 businesses," Marrero said.
Applications can be picked up either at the city manager's office or downloaded from the city's website. However, they won't be accepting these applications until August 10th at 9 A.M.