In wake of the events following the start of the COVID-19 pandemic, Southlake’s economy took a slight downturn for FY 2020.
Businesses were forced to readjust schedules, capacity and offerings. The unemployment rate increased from 3% to 5%, and the retail and restaurant industries experienced a decrease in sales.
The City took measures to work closely with businesses impacted by offering financial assistance through the Southlake Business Relief Grant Program.
Through this program, local businesses can apply for a grant and be awarded up to $10,000 based on meeting eligibility requirements and availability of program funds.
So far, 103 applications have been received, $30,000 awarded and $52,500 approved.
Due to the program’s success, the City has extended the application period through Sunday, February 14. In addition to this extension, the City will also be accepting applications from privately-owned franchises and businesses that opened no later than January 1, 2020.
“Even with the challenges of 2020, the Southlake Economy is headed in the right direction,” said Economic Development and Tourism Director Daniel Cortez. “With the Southlake Business Relief Grant Program available to local businesses and consumers feeling more and more confident, I am optimistic that things are looking up.”
To review eligibility requirements or to apply for the grant, visit the Southlake Business Relief Grant Program webpage. For questions, please contact the Office of Economic and Development and Tourism.
The post City of Southlake’s 2021 State of the Local Economy first appeared on MySouthlakeNews.