SOUTH PADRE ISLAND — From restaurants and clothing stores to flower shops, existing and startup businesses in this coastal city have the chance to receive grant money and fine tune its business skills.
The South Padre Island Economic Development Corporation is accepting applications for its Sand Dollars for Success grant program.
The goal of the program is to enable participants to learn how to develop and follow a realistic business plan within the economic climate of the Island.
According to the program application, a maximum of $25,000 can be awarded for existing businesses and $10,000 for startups or new businesses.
“This program provides businesses with much-needed capital funds in order to increase sales and create or retain jobs that will improve the economy on South Padre Island,” SPI EDC’s website states.
Businesses must start or have their operations located in the city.
Interested applicants have until Friday, Feb. 5 to complete the program’s guidelines and intent to compete form, which is available online at www.southpadreislandedc.com.
According to SPI EDC Executive Director Darla Lapeyre, as of Tuesday, the program has received three applications from existing businesses on the Island and one application from a startup.
The program incorporates a training component provided by the UTRGV Small Business Development Center.
Three training courses will be conducted virtually by UTRGV in February.
The courses aim to help increase the viability of participants’ business plan and the overall success of the business.
In their business plan, participants must show the expected increase in sales tax to the economy and the creation or retention of full-time jobs.
Participants will present their business plan project around early May and the grant will be awarded later that month.
Winners of the program must score a minimum of 80 points to be awarded funds. If the business does not receive a score of at least 80 points, no awards may be given.
Businesses must use the funds within one year from the date the grant is awarded.
For more information, call the SPI EDC at (956) 761-6805.
