SMALL BUSINESS

To be eligible for this program, businesses must:

• Have annual gross sales between $10,000 and $2 million; gross revenues are based on Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065.
• Be located within the City of Laredo. You can check your address using this map.
• Have experienced negative impact on operations due to the pandemic; “Negative impact” is defined as a decrease in gross sales in either 2020 or 2021 compared to 2019 (Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065).
• Have been in operation before January 1, 2020; “Operational” is defined as a positive amount of gross receipts or sales on the 2019 tax return (Line 1 of Schedule C or Line 1a of 1120, 1120S or 1065).
• Be currently operational – demonstrate business activity generated sales deposits on the most recent bank statement.
• Be in good standing with Texas Comptroller’s office, if applicable.

Non-profit organizations, gambling businesses, speculative real estate investors, government entities and sexually oriented businesses are not eligible. You can view the list of prohibited NAICS codes here.

• Current Driver’s license or government-issued photo ID
• Proof of business registration with Webb County or TX Secretary of State
• Q4 2023 Form 941 or most recent payroll report
• Business utility bill (water, gas, electric) Home based businesses may provide a home utility bill. 
• Business Financials: 2019, 2020 and 2021 filed business tax return (additional financial documents, such as bank statements or P&L may be requested if losses cannot be verified by the tax returns). Applicants without a filed business tax return for the 3 years will not be considered.
  
• Most recent business bank statement (personal bank statements will be accepted if business activity is clearly identifiable)
• Grant resolution (LLCs, Corporations, Partnerships only)- template will be provided in application

Grant funds will not be awarded on a first-come, first-served basis. Applications will be assessed and scored based on the four components below. The maximum score is 80.  Applications with the highest scores within each city zip code (78040, 78041, 78043, 78045, 78046) will be reviewed and approved first. 

*FTE = full time equivalent. For example, 2 part time employees at 20 hours/week = 1 FTE.

Application Period: March 18, 2024 at 9 am – April 5, 2024 at 5 pm. 

Applicants will be able to save their progress during the application period. Applications must be completed and submitted along with all the documentation required for verification before 4:59:59 PM CST on Friday April 5, 2024. 

Applicants will receive a confirmation email when they submit the application. 

Application review: April 10 – June 7, 2024 

The grants team will reach out to applicants by phone or email if additional documents or clarification is needed. If additional documents are requested, applicants will have 5 business days to submit. 

Award notifications: April 26 – June 21, 2024 

Eligible applicants with the highest scores based on the methodology above will be notified earlier within the award notification time frame, followed by lower scoring applicants. All applicants, even if ineligible or not selected for funding, will be notified by mid June. 

Selected recipients will be notified of approval and prompted to accept the grant via an emailed DocuSign form. Prior to funding, applicants will also be required to complete a verification interview and provided a bank statement and voided check.

Grant disbursements: May 3 – June 28, 2024 

Eligible applicants with the highest scores based on the methodology above will be funded earlier within the grant disbursement time frame, followed by lower scoring applicants.

All businesses awarded a grant through the City of Laredo Small Business Grant program will be required to complete a follow-up survey in June 2025. Grant recipients must keep detailed receipts for expenditure of grant funds and staff and payroll records.

In addition to the grant funds, grant recipients will have access to ongoing business education webinars to further support their efforts to stabilize and strengthen their businesses.