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Southern Dallas Investment Fund

11Feb
By Advancing Entrepreneurship, Business Growth, Entrepreneurs in Action, Uncategorized, Women and Business , , , , , , ,

PURPOSE

The City hereby establishes and provides for the administration of the southern Dallas Investment Fund (the “Fund”) to promote local economic development and to stimulate business and commercial activity in the City, in conformance with Chapter 380 of the Texas Local Government Code. The purpose of the Fund is to support small businesses in southern Dallas. For purposes of this program statement, the term “southern Dallas” generally refers to areas south of 1-30 and/or the Trinity River.ards.
FUNDING

The initial funding shall be $2.5 Million in 2017 general obligation bond funds from Proposition I. Additional funds, including general funds, may be added at the sole discretion of the City Council. Council finds that the Fund satisfies the purpose of Proposition I, which authorized bonds for “the purpose of providing funds for promoting economic development throughout the city” and “through the city’s programs for economic development and housing including [… ] making grants of bond proceeds and otherwise providing assistance for private commercial, industrial, retail, residential and mixed-use development, neighborhood revitalization projects, and mixed-income development.”

BUSINESS GROWTH

Funds may be used to stimulate business and commercial activity in southern Dallas by supporting small business growth in southern Dallas and attracting/retaining southern Dallas employers, such as programs for (i) grants to small businesses in southern Dallas or to financial services providers who make loans and grants to small businesses in southern Dallas;
(ii) financial education or other capacity building training for small businesses, startups, and entrepreneurs in southern Dallas; (iii) outreach programs, business engagement and retention, communications, business development events, familiarization tours, and other activities to attract and promote commercial growth in southern Dallas. For purposes of this program, a “small business” will be determined using the U.S. Small Business Administration definitions and standards.

 

Grants shall not be awarded to persons or entities who have outstanding city liens or tax liens, who are party to a lawsuit against the City, who have filed for bankruptcy in the previous 5 years, who are currently in default under any other agreement with the City, or who have in the previous 5 years been party to a contract with the City that was terminated due to default.
Grants of $50,000 or less will be processed via administrative action. Grants greater than $50,000 will be forwarded to the City Council for approval. All expenditures for services will be subject to state and local procurement laws.

 

Grants of $50,000 or less will be processed via administrative action. Grants greater than $50,000 will be forwarded to the City Council for approval. All expenditures for services will be subject to state and local procurement laws.

 

Program funds may be used for:
1. Grants to small businesses in southern Dallas;
2. Grants to financial services providers who make loans and grants to small businesses in southern Dallas;
3. Financial education or other capacity building training for small businesses, startups, and entrepreneurs in southern Dallas; and
4. Outreach programs, business engagement and retention, communications, business development events, familiarization tours, and other activities to attract and promote commercial growth in southern Dallas.

For purposes of this program, a “small business” will be determined using the U.S. Small Business Administration definitions and standard

 

Small Business Center Questionnaire

English

Spanish

Small Business Center Grant Application

English

Spanish

Name of Business(Required)
Business Address(Required)
Authorized Representative(Required)
Proposed Project address/location:(Required)
Employee Benefits:(Required)

Author

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