Title
Consider/Discuss/Act On McKinney Strong COVID-19 Business Grant Program
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: April 23, 2020
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, MCDC President
ITEM SUMMARY:
• The City is part of the One Heart McKinney community-wide effort to respond to and recover from COVID-19.
• The One Heart McKinney platform includes a ‘Jobs/Employment’ category.
• A Business Support and Stimulus team comprised of representatives from the City, MCDC, MEDC, Visit McKinney, Main Street and McKinney Chamber have been working on initiatives in the Jobs/Employment category using the ‘McKinney Strong’ tagline.
• Many of McKinney’s small businesses and small nonprofit organizations have endured financial hardship due to COVID-19.
• The McKinney Community Development Corporation (MCDC) and the City of McKinney propose a grant program to promote the city for the purpose of business development and supplement other relief efforts.
BACKGROUND INFORMATION:
• The Council directed the Business Support and Stimulus Team, comprised of staff from the City and MCDC, to explore a local business support program during the April 7, 2020 City Council Work Session.
• The proposed program would provide a one-time reimbursement grant of up to $1,500 to small businesses and small nonprofit organizations that have experienced financial hardship due to the COVID-19 pandemic.
• $500,000 is proposed for the program, which could provide maximum grants to over 330 businesses and nonprofits.
• The program is anticipated to be a partnership between the McKinney Community Development Corporation and the City of McKinney.
• This is one business-focused proposal that is part of a broader McKinney response effort. This effort will supplement broad recovery programs offered by the federal and state government. Future proposals will address other needs at various stages of the recovery process.
• More details about the program are included in the presentation attached to the agenda item.
FINANCIAL SUMMARY:
• The program is proposed to be funded using unallocated MCDC promotional funds, subject to approval by MCDC.
BOARD OR COMMISSION RECOMMENDATION:
• On April 23, 2020, the McKinney Community Development Corporation will consider approving and funding this program in an amount not to exceed $500,000.