The City of Keller is committed to the retention of commercial development in all areas of the City and to an ongoing improvement in the quality of life for its citizens. The measures enacted to prevent the spread of the COVID-19 have had a detrimental impact on many Keller Businesses. Insofar as these objectives are generally served by recovery efforts of the local economy, the City will, on a case-by-case basis, give consideration to providing forgivable loans as a stimulus for economic development. The qualifying criteria of the loan is outlined below for your convenience. The full policy is available in the application which is linked below.
Criteria for COVID-19 Economic Recovery Forgivable Loans
A. Must be a business within the political boundaries of the City of Keller.
B. Must have been economically injured due to the measures enacted in response to the COVID-19 pandemic.
C. Must have a valid Certificate of Occupancy issued by the City of Keller.
D. Project does not have any negative environmental impacts on the community (e.g.; significant pollution, excessive water usage or hazardous waste).
E. The degree to which the specified project meets the purposes and objectives of the City, the relative impact economic injury will be used to determine the total value and duration of the forgivable loan provided to any applicant.
F. Any loans awarded are forgivable so long as a business remains in operation for a period of at least 12 months from the award date of the loan.
G. Applications will be accepted from May 6, 2020 through June 30, 2020. The first disbursement of funds will be assessed on June 3rd. Based on availability of funds, a second disbursement is planned for June 30th.