Dallas launches grant, low-interest loan program to help small businesses during COVID-19 pandemic

Monday, the city is launching a grant and low-interest loan program to help small businesses make ends meet.

DALLAS - More help is on the way for Dallas businesses.

On Monday, the city launched a grant and low-interest loan program to help small businesses make ends meet. Applications will be accepted online through May 11.

LINK: Dallas Small Business Continuity Fund

Because of high demand and the need to make it a fair process, city officials said they’re awarding the grants and loans through a lottery system.

The grant maximum is $10,000, and the city anticipates awarding at least 250. The maximum for loans is $50,000, and the city expects to award at least 50 of those.

As for how they’ll be funded, loans and grants will have separate lotteries.

RELATED: Coronavirus coverage

The grant program will have two categories: businesses in distressed areas and those considered citywide.

Eligible businesses must be in the city of Dallas and be able to show an income loss of 25 percent or more because of COVID-19. They must also have annual revenue of under $1.5 million and meet other small business requirements.

Applications must be complete to be considered, and late applications will not be accepted.

Dallas begins accepting applications for small business assistance

Small businesses in Dallas can benefit from a new program. Consumer reporter Steve Noviello talked to Councilman Chad West about the requirements. Applications opened Monday.

Click here for Small Business Continuity Fund FAQs.