Small Business Assistance Program

SBA Program

Small Business Assistance Program 

Qualified companies will be selected and funds allocated on a first-come, first-served basis.  The Lake Worth City Council approved a resolution on June 9 establishing a Small Business Assistance Program that will provide a total of $65,000 in immediate, short-term financial assistance grants to qualified Lake Worth businesses impacted by the corona-virus pandemic.

Download Small Business Assistance Application HERE

ELIGIBILITY REQUIREMENTS

  • Must have 50 or fewer FTE (full-time equivalent) employees for payroll as of April 1, 2020.
  • Must have a physical location within the City of Lake Worth city limits with a valid Certificate of Occupancy.
  • Must have been in continuous operation for a period of at least six (6) months prior to the application date.
  • Must have been in good standing with the City of Lake Worth with respect to taxes, fees, utility payments and other financial obligations to the City.
  • Must have a current or anticipated revenue decline beginning March 1, 2020 resulting from COVID-19 impacts.
  • Must be local, independent business responsible for all revenues and expenses.
  • Must have a financial loss as a result of the COVID-19 pandemic.

REQUIRED DOCUMENTATION

  • Completed application form. The small business must be the applicant, but the application form must be signed by an authorized agent of the small business.
  • Documents enough to evidence Taxable Retail Sales in March 2020 and March 2019, or other evidence of gross revenue decline beginning March 13, 2020.
  • Lease, Mortgage or other documentation enough to prove existence of current Lease or Mortgage for the applicant's location in the City of Lake Worth city limits (if applying for the lease/mortgage assistance).
  • Document's sufficient to evidence the applicant's payroll for period closest to April 1, 2020.
  • IRS Form 941
  • Documents sufficient to evidence receipt of or application forms of federal aid related to the COVID-19 disaster.
  • Other information, documentation, or clarification as required by City staff administering the program.

GENERAL INFORMATION 

  • Application will be posted at 9:00 a.m. on June 29, 2020
  • Applications will be accepted in person at City Hall, or by e-mail, to [email protected] during the 14-day open period or until funds are exhausted.
  • Qualified businesses will be selected and funds allocated on a first-come, first-served basis.
  • Businesses may not apply for multiple grants
  • Qualifications will be verified by a four-person panel made up of representatives from the City Manger's office, City Finance Department, City Building and Development Department and the City Planning and Zoning Department.
  • All submissions are public record and subject to open record.

DOCUMENTATION REQUIRED UPON APPROVAL

  • An eligible business receiving a grant will be required to execute a Chapter 380 Economic Development Agreement with the City of Lake Worth.

If you have questions or need additional assistance please visit www.lakeworthtx.org or call 817.237.1211 for more information.

View the signed Small Business Assistance Program Resolution HERE