Title
Consider/Discuss/Act on McKinney Strong COVID-19 Business Grant Program - Phase II
Summary
COUNCIL GOAL: Enhance Quality of Life in McKinney
Direction for Strategic and Economic Growth
MEETING DATE: May 28, 2020
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• The City of McKinney is participating in a community-wide effort to respond and recover from COVID-19.
• A Business Support and Stimulus team comprised of representatives from the City, MCDC, MEDC, Visit McKinney, Main Street and the McKinney Chamber have been working to identify resources and opportunities to support McKinney businesses that have experienced a hardship due to COVID-19 using the #McKinney Strong tagline.
• The Business Support and Stimulus team’s first effort was the production and sale of McKinney Strong t-shirts.
• The group is also working with the City to support One Heart McKinney, a community-wide effort to respond and recover from COVID-19.
• One Heart McKinney is providing grant funding to nonprofits serving McKinney.
• The McKinney Community Development Corporation and the City created a grant program, the McKinney Strong COVID-19 Business Grant Program to: support local businesses, economic development, specifically business retention and to promote business recovery and ensure the economic health of the businesses in the City of McKinney.
• Board input is needed regarding the opportunity to establish a second phase of the grant program.
BACKGROUND INFORMATION:
• McKinney City Council directed the Business Support and Stimulus Team to explore a local business support program during the April 7, 2020 City Council Work Session.
• MCDC approved creation of the program that provide a one-time reimbursement grant of up to $1,500 to small businesses and nonprofit organizations (50 FTEs or fewer) that experienced financial hardship due to the COVID-19 pandemic at the meeting held April 23, 2020.
• MCDC board members approved an allocation of up to $1,000,000 for implementation of the grant program.
• To date, 202 applications have been approved for funding in an amount just under $300,000.
• It is estimated approximately 30 additional applications will be approved.
• It is anticipated approximately $650,000 will remain from the original allocation approved by MCDC.
FINANCIAL SUMMARY:
• The program approved was funded from unallocated MCDC promotional funds in an amount up to $1,000,000.
BOARD OR COMMISSION ACTION:
• On May 28, 2020 the McKinney Community Development Corporation will consider creation and implementation of Phase II of the McKinney Strong COVID-19 Business Grant Program, utilizing funds remaining from the first phase of the program.