The DEC Network (formerly the Dallas Entrepreneur Center), in collaboration with the Communities Foundation of Texas and LiftFund, is proud to share more than $1,000,000 of forgivable loans to 54 Dallas entrepreneurs through the Revive Dallas Small Business Relief Fund. Funding on these loans began last month.
“This year has presented businesses with unprecedented challenges,” said Bill Chinn, CEO of The DEC Network. “These challenges have been particularly difficult for our small business community. The Revive Dallas fund was designed to support those truly small businesses in Dallas, with awards available to those with fewer than 15 employees.”
Initial funding has been approved for 54 companies, with loan amounts ranging from $7,500 to $25,000. The companies reflect the diversity of small businesses in North Texas, including medical clinics, retail and food service outlets, special events and services firms and more. More importantly, the fund recipients reflect the ethnic and gender diversity of business leadership in Dallas.
“We are proud that 75% of the Revive Dallas fund recipients are minority owned businesses and 60% of the recipients are businesses owned by women,” said Chinn. “The DEC Network is committed to supporting those historically disadvantaged business communities as part of our mission to support the entire entrepreneurial ecosystem here in North Texas.”
A second round of funding is beginning now. Apply at ReviveDallasFund.com. Businesses must have operating since Aug. 1, 2019, be located in Dallas, have 15 or fewer employees, have a 2019 annual revenue of less than $1.5 million and must be able to demonstrate a 15% or more loss of business due to Covid-19. Formal applications will be accepted through Sept. 14, and funding will begin the week of Sept. 21.
Revive Dallas loans, which are forgivable if certain milestones are met, were created as a means of filling the gap for small businesses and entrepreneurs who were either unable to get relief through government programs or who did receive funds but they were inadequate to sustain the business.
Dallas Mayor Eric Johnson has been a strong supporter of the Revive Dallas fund.
“Small businesses are the heart of the Dallas economy, and I am grateful that the Revive Dallas Small Business Relief Fund will be available to help many of them get through the COVID-19 pandemic,” Mayor Johnson said. “This loan program will be a boon to our city and serves as an outstanding example of how our community comes together in times of crisis to help those in need.”
Donations are still being accepted for the Revive Dallas fund. Major donors include professional organizations, corporations, foundations and individuals. Donations to the Revive Dallas fund are tax-deductible at ReviveDallasFund.com.