LMEDC Board of Directors approved a Business Retention Program on Thursday, April 2, 2020, designed to provide grants to qualified La Marque businesses that have been negatively impacted by the COVID-19 pandemic.
The La Marque Economic Development Corporation Grant Application Review Committee met today, Wednesday, April 8, 2020, and awarded 64 Emergency Business Retention Grants totaling nearly $550,000 to La Marque businesses in response to COVID-19. La Marque Economic Development Corporation staff is contacting businesses and processing the grants. Funds will be mailed on or before April 24, 2020.
LMEDC Board of Directors approved a Business Retention Program on Thursday, April 2, 2020, designed to provide grants to qualified La Marque businesses that have been negatively impacted by the COVID-19 pandemic. The deadline to submit applications was April 7, 2020.
"Today we are focused on reaching out to our businesses that have been awarded a grant and working with our Finance Department to get the funds distributed quickly and efficiently," said LMEDC Executive Director Alex Getty. "We understand that our business owners are facing uncertain times and we’re doing what we can to ease the burden on them. We can’t solve all the problems caused by COVID-19 but we like to focus on what we can do, and we’re working hard to help our La Marque business owners who have invested in our city and contribute to our local economy.”
Business owners and citizens interested in LMEDC programs and initiatives are encouraged to register for community news flash e-notifications at connect.cityoflamarque.org. EDC news is also shared in our quarterly community newsletter, Inside La Marque.
LMEDC staff has created a webpage specifically for business owners impacted by COVID-19 and updates it as new information becomes available. Visit COVIDbusinessrelief.cityoflamarque.org to explore local, regional and national resources.
At the federal level, the US Small Business Administration can help business owners navigate the CARES Act. There are four types of funding options to research. These programs were created to help businesses during the COVID-19 pandemic.
- Paycheck Protection Program: This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
- Economic Injury Disaster Loan Advance: This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties
- SBA Express Bridge Loans: Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- SBA Debt Relief: The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic
For information, contact La Marque Economic Development Corporation Public Relations Specialist at 409-938-9255 or email cmerritt@cityoflamarque.com.