$3M Economic Relief Fund

KEEPING ABILENE EMPLOYED

Is your business in need of financial assistance to offset expenses due to the ongoing economic recession? The Development Corporation of Abilene (DCOA) might be able to help. In April 2020, the DCOA created the Economic Relief Fund (ERF), allocating $3 million to be awarded as incentives to local, qualified companies that have been – or are at risk of being – directly affected by the economic recession. The core purpose of this fund is to retain both primary employers and the jobs they provide in Abilene.

As of July 7, 2020, approximately $1.5 million of the ERF has been awarded, leaving approximately $1.5 million in potential assistance that can still be leveraged by local, qualified companies. Economic Relief Fund monies can be utilized to offset a variety of expenses, including increased costs of materials due to supply chain disruption, payroll, equipment, and insurance. As the economic recession continues to affect different industry sectors, it is critical for local companies to take advantage of these monies while they are still available.

If you are interested in seeing if your company qualifies, please read the frequently asked questions, below, or email Incentives@AbileneDCOA.com. We recommend applying for Economic Relief Fund assistance as soon as possible because these funds are granted on a first-come-first-served basis. If your company either does not qualify or does not need assistance from the ERF, please forward this information to local companies who could potentially benefit from these funds.

FAQs

How do I know if my company qualifies?

Companies who are qualified to apply for the grant include those who:

• fall under one of the qualified, Type A, NAICS codes that are defined in Section 501.002(12) of the Texas Local Government Code, available for review, here;

• are based within the city limits of Abilene;

• have been in existence for at least 2 years from the date the application was submitted;

• can provide 1 year of business financials and its most recent tax return; and

• agree to remain in business and retain an agreed upon number of full-time employees for 1 year in Abilene.

For additional qualification questions, please email Incentives@AbileneDCOA.com.

Once I know that my company qualifies, how can I apply?

Qualified businesses must apply through the formal, online application available on the DCOA’s website, www.AbileneDCOA.com, or directly through this link to the application. Companies must submit a completed application and supporting documents to be considered for an incentive.

What does the process look like after I apply?

Qualified applicants are required to be approved by the DCOA’s Board of Directors, and in some cases, the City Council of Abilene. As dictated by law, companies awarded funds must be contractually bound to certain performance criteria agreed upon by the DCOA and the company.

If my company receives an incentive, what will we be required to do?

All companies that receive incentive funds are required to sign performance agreements, which mandate that the company retains an agreed-upon number of employees for 1 full year. As a compliance measure, recipients must submit receipts for allowable expenditures to the DCOA.

What expenses could our company spend Economic Relief Fund monies on?

The funds can be spent on anything from payroll for your employees, equipment purchases and upkeep, increased costs your company has had to adjust to since the pandemic began, and a variety of other expenses not listed.

For more information, please email Incentives@AbileneDCOA.com or call 325-676-6390.