As part of a county-wide collaboration, Hays County established the Emergency Cash Assistance Program (ECAP) grant fund, which will deploy $600,000 in grants to local businesses. This free financial resource is designed to aid small businesses in Hays County that are struggling to sustain operations due to the COVID-19 health crisis.
The ECAP fund, which was initiated by the Hays County Commissioners Court, is a collaboration between the County, the City of Kyle, PeopleFund, and the Greater San Marcos Partnership (GSMP). The fund will provide a grant of up to $10,000 to qualifying businesses on a first-come, first served basis. The loan agency PeopleFund, a non-profit community lender, will manage the application process.
“Hays County led this effort, recognizing that some small businesses were not able to access any of the federal assistance programs,” said Jason Giulietti, president of GSMP. “The ECAP fund will provide much-needed relief to members of our business community that are essential to our region’s economy and recovery.”
At this time, there is $600,000 available for disbursement - $500,000 provided by Hays County and $100,000 provided by the City of Kyle. However, this figure may grow if additional funds are contributed.
The grants will be awarded to small businesses located within Hays County that were unable to secure assistance via the Payroll Protection Program (PPP) loan through the CARES Act or the Economic Injury Disaster Loan program through the US Small Business Administration.
Grants shall be awarded on the basis of $1,000 per qualifying employee up to a maximum of total grant per business of $10,000. Grant funds may be used for:
Working capital (including rent, pre-existing mortgage and utilities)
Inventory or supplies
Furniture or fixtures
Machinery or equipment
Maintenance or repairs
Payroll or Employment Benefits for Qualifying Employees
“We at PeopleFund are honored to join this collaborative and put our experience and infrastructure at the service of small businesses in Hays County,” said Gustavo Lasala, President and CEO of PeopleFund. “Anyone requiring help with navigating the application process or in need technical assistance for their business can contact our team at 512-222-1016.”
A PDF version of the application is available for review now at www.HaysCountyECAP.com to help prepare applicants for the information that will be requested. On Monday, August 10, applicants may begin submitting their application and required documents online at www.peoplefund.org/hays/. Hard-copy applications will be made available at various locations around Hays County.
Applications will close once all funds have been awarded or until December 31, 2020, whichever comes first. Complete details are available at www.HaysCountyECAP.com.
About the Greater San Marcos Partnership
The Greater San Marcos Partnership (GSMP) is the 501c6 regional economic development organization serving the city of San Marcos, and Hays and Caldwell Counties focused on positioning the region for a wider diversity of quality jobs with higher wages. The GSMP mission is to increase economic opportunities for all in the heart of the Texas Innovation Corridor.
About PeopleFund
PeopleFund is a Community Development Financial Institution, certified by the US Treasury and an SBA Lender certified by the US Small Business Administration. PeopleFund creates economic opportunity and financial stability by providing small business owners in Texas access to capital, education and other resources. Since 1995, PeopleFund has disbursed more than $100 million in loans throughout the state, delivered 85,000 hours of technical assistance and allocated $100 million of tax credits supporting projects in neighborhoods in need of jobs and revitalization.
Media may direct additional questions to:
John Ellis
Vice President of Marketing & Communications
Greater San Marcos Partnership
O: (512) 393-3406 | C: (512) 781-3065 | E: johne@greatersanmarcostx.com