A second grant program of $30 million will be made available to continue the support of small businesses in Harris County that have been affected by the pandemic. Small business revenue is down by 38% since the beginning of 2020, but businesses will be able to apply for grants from $5,000 up to $25,000, with funds allocated for specific needs such as workers’ wages or rent for business premises. Many companies have struggled over the past year and some will also need to access additional support for restructuring after bankruptcy. Whether they are newly established, recovering from a difficult year or hoping to expand, all businesses will find plenty of funding opportunities and supportive networking events and workshops in and around the Katy area.
Recovery and Restructuring
Even as life slowly returns to normal, many small businesses are still left struggling to cope and, after a year of declining revenue, declaring bankruptcy has been their only option. While the number of business bankruptcies in the Southern District of Texas has fallen by more than 50% over the past 12 months, it still remains the highest of any state. As they present increasingly complicated issues, many of the court-supervised restructurings have also been more challenging to achieve. Advice from a lawyer experienced in filing for bankruptcy protection can help small businesses to deal with legal complexities. Proposing a reorganization plan under Chapter 11 bankruptcy Texas businesses can continue to operate and have a better chance of recovery after a difficult year.
Funding and Financial Opportunities
As well as applying for grants from the relief fund, the Economic Development Council for the Katy Area offers a range of financial opportunities for new and expanding businesses. These include grants and loans from city funds that can be authorized by Chapter 380 of the Local Government Code and used to stimulate small businesses and other commercial activity Other more specific grants are available to encourage any business that take steps to become more energy efficient, and tax rebates for owners who upgrade buildings designated as historical structures.
Workshops and Networking
The U.S. Small Business Administration currently uses the expansion of a small business in Katy as an inspiring example of successful enterprise. As well as making use of an SBA loan, the business benefited from attending workshops offered by the local Chamber of Commerce and assistance from the University of Houston Fort Bend County Small Business Development Centre. Several professional networking groups are also held in and around Katy, providing support and advice on a range of business topics to professionals and entrepreneurs in the area.
After a difficult few months, small businesses in Katy and the surrounding area are being offered assistance by a range of organizations. Funding opportunities, specialist legal advice and supportive networking events are all helping new and established enterprises to stay afloat, expand and develop.