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City of Dallas awards more than $600,000 in funding to small businesses

Since the Small Business Continuity Fund program began in May, there have been a total of 46 grants and six loans approved.

The City of Dallas announced Monday it has given out more than $600,000 in funding to small businesses in the area.

The Small Business Continuity Fund program is a partnership between the City of Dallas Office of Economic Development, Dallas Development Fund and National Development Council.

Since the program's applications process started in May, there have been 46 grants approved totaling $387,500. The average grant amount is $8,424. 

Six loans have been approved, totaling $221,000. The average loan amount is $36,833.  

Eric Anthony Johnson, chief of economic development and neighborhood services, said he hopes this support can help the businesses find growth and more opportunity amid the COVID-19 pandemic.

The Small Business Continuity Fund program was designed to assist low-to-moderate income business owners or businesses with 50 or fewer employees in Dallas. 

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Businesses could apply for a $10,000 maximum grant or a $50,000 maximum loan. There were more than 1,000 businesses that qualified for the grant program and nearly 400 businesses that qualified for the loan program.

Businesses were selected for the programs through a lottery.

To track data and statistics from the applications and awards, the Office of Economic Development created a dashboard here.

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