During the Monday, April 20 Fate City Council Meeting, a Small Business Support Program was approved for businesses that have sustained economic losses due to the COVID-19 pandemic. The program will provide a maximum of $50,000 in short-term, immediate financial aid.
“The City recognizes that small businesses are suffering from the financial impacts of the COVID-19 pandemic,” said Mayor Pro Tem David Billings. “The Fate Municipal Development District (MDD), Fate Development Corporation (FDC), and the Fate City Council feels strongly the Fate business community needs support during this extraordinary health crisis.”
The Small Business Support Program will purchase up to $5,000 per business in gift cards from local businesses as a way of granting immediate access to funds. In return, the City will resell the purchased gift certificates to the public at a discounted rate. The gift cards will be valid for one year for the full-face value. Additional ways of using the gift certificates are in discussion and will be released after the application portion of the program is complete.
The program funds are available on a first-come-first-serve basis. The application submission period ends at 5:00 p.m. on Friday, May 1, 2020.
For more information or to apply, visit www.CityofFate.com/BusinessCOVID-19