Bank working through business aid requests
Since starting the Small Town Strong Project, Mineola Community Bank has had numerous applications for assistance turned in by local small businesses.
Fourteen businesses in Mineola have already received funds as of Friday. Many more applications are ready to be reviewed and approved by MCB and Mineola Economic Development Corporation representatives.
Edgewood MCB members and Edgewood EDC have worked together to fund several businesses in their community. A predetermined cap for assistance per applicant has been set, and submitted applications are continuing to be reviewed.
The approval committee consisting of MCB members, First National Bank and the Winnsboro EDC are meeting every Friday to review and approve applications for assistance. Winnsboro businesses who have applied will get relief soon.
The Grand Saline reinvestment fund began processing financial assistance applications on April 2 and is quickly disbursing funds. Applications are being reviewed locally as they are submitted, and businesses requesting assistance will be offered 5% of available funds at the time of application.
The Small Town Strong Project’s mission is to help independently owned businesses in Mineola, Winnsboro, Lindale, Grand Saline and Edgewood remain functional by offering assistance with fixed expenses such as rent or utilities during the uncertainty of the coronavirus pandemic.
MCB initiated the project by contributing $10,000 to the reinvestment of each town. Mineola EDC, Winnsboro FNB, Winnsboro EDC and Edgewood EDC have each contributed an additional $10,000 to their town’s fund. Applications continue to flood in, but the money will run out long before all businesses are assisted.
In an effort to keep the local economy stimulated and to grow the reinvestment fund in each community, MCB will add an additional $1 to a town’s fund with every local receipt turned in. The project will continue for four months with the opportunity for each town to earn up to $10,000 for receipts each month.
Receipts can be dropped off at any MCB drive-thru location, emailed to firstname.lastname@example.org or posted publicly on Facebook using the hashtag #smalltownstrong2020. Due to privacy settings, the post has to be public to be seen. The receipts need to show the company name, date of transaction and in which town the purchase was made.
Any individual or business that would like to contribute to a town fund of their choice can make donations directly to Small Town Strong Project at any of the MCB branches.
Each contribution will expand the number of applicants MCB will be able to assist during this difficult economic time, and will help keep the doors open on the small businesses that not only provide character and individuality to the community, but also create employment opportunities.